China's Li Ning Mulls Taking Sportswear Company Private, Reuters Reports [BNN Bloomberg (Canada)]
LI NING CO LTD UNSP/ADR (LNNGY)
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Source: BNN Bloomberg
The founder is considering leading a consortium to buy out Li Ning Co., according to the report. The Beijing-based company selling athletic apparel and footwear has a market capitalization of HK$59 billion ($7.5 billion). Several private equity firms including TPG, PAG and Hillhouse Investment, have been approached to join the consortium to take Li Ning private, the report said. The discussions are in the early stages and details have not been finalized, the report said. Li Ning didn't immediately respond to a Bloomberg News request for comment. Li Ning's stock have tumbled nearly 70% in 2023 before gaining around 10% so far this year. ©2024 Bloomberg L.P.
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