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Hong Kong gaming Company Leyou Tech gets a Fresh buyout Dea

Last updated on May 4, 2020

Leyou Technologies Holdings Ltd. has obtained a brand new non-binding takeover offer in the Shenzhen-listed rival gambling company, according to individuals knowledgeable about the issue.

Century Huatong will probably kick due diligence shortly, ” said that the people, who asked not to be recognized since the info is confidential.

A bid by Century Huatong could establish a battle with iDreamSky Technology Holdings Ltd., which was in discussions with Leyou’s Yuk and other promotion holders because of late last year. IDreamSky, that counts Tencent Holdings Ltd. one of its investors, was in talks with CVC Capital Partners for a combined deal, however, the Covid-19 pandemic has attracted their talks into a stalemate, Bloomberg News reported last month.

Leyou remains in dialog with iDreamSky along with other suitors who have expressed interest in recent months, the people mentioned.

CVC and dreams had suggested to collectively obtain Leyou for $1.23 billion, which was revised from a preliminary $1.4 billion deal, individuals knowledgeable about the matter have said. Century Huatong’s deal was marginally higher than its rival bidders, the folks said this week.

Trading of stocks in Leyou was suspended on Monday in Hong Kong, pending a statement regarding the takeover code. The Shenzhen market, in which Century Huatong transactions, is closed until Wednesday for the Labour Day holiday in China.

No last decision was created and Leyou could decide against trade, the people said. An agent for Leyou declined to comment, while Century Huatong did not immediately respond to requests for comment through vacations in China. A spokeswoman for iDreamSky declined to comment, including the organization will offer the most recent advancement in a timely fashion on the stock market site.

Century Huatong, based in 2005, specializes in online games and automobile components, based on its site. It’s over 1.8 billion users. This past year, the company completed an acquisition of the online game work of Shanda Games Ltd. at a 29.8 billion yuan ($4.2 billion) deal.