Li & Fung Limited Says Plans To Buy Hang Ten Group Holdings Ltd For $347 Million-Reuters

Reuters reported that Li & Fung Limited said on December 19, 2011 that it plans to buy Hang Ten for about HKD2.7 billion ($347 million).The planned acquisition is to enter the growing segment of mass casual fashion brands, and to increase Li & Fung's presence in key Asian markets such as Taiwan, South Korea, mainland China and Southeast Asia, the Company said in a statement to the Hong Kong stock exchange. It has already received acceptances of 69% from core Hang Ten shareholders, and will delist the target if it gets above 90%.