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Hengtong stop the acquisition of U.S. general cable

2017-12-07

Hengtong photoelectric yesterday evening announced that the company for value evaluation considerations, to abandon the acquisition of the United States general cable.

General Cable is an international cable products and services suppliers who is United States NYSE listed company. It has an important market position in the global High-voltage cable, sea cable, alloy wire, automotive and industrial complex wiring and other fields. General Cable shareholders intended to sell all of the shares of the company, and Hengtong photoelectric planned to buy the general cable company.

However, on December 4, 2017, Prysmian announced that it would acquire the general cable at $30 a share, with a total transaction value of about $3 billion (including debt). Through the research and intermediary agencies, the total trading value of $30 per share (including debt) cash acquisition of General cable, the value of more than Hengtong photoelectric expectations, December 6, 2017, Hengtong photoelectric decided not to continue bidding, abandon the acquisition plan.

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