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Shares in Hong Kong free-to-air television broadcaster TVB jumped 4.9 per cent after the company resumed trading following an unsolicited offer for a 29.9 per cent stake in the company.

In a filing to the Hong Kong Stock Exchange, TLG Movie and Entertainment, said it made a proposal on Tuesday to acquire a 29.9 per cent stake in the broadcaster. TLG said the company is “engaged in the cultural industry and real estate development and investments.”

In a subsequent filing to the exchange, TVB said the purchaser, which it did not name, and its ultimate beneficial owner were not known to the company, nor were its source of funds.

The Company will take steps to obtain additional information… in order to evaluate whether the Possible Proposal is credible and capable of being implemented, including in particular whether the Possible Purchaser has adequate financial resources to implement the Possible Proposal.

TVB in January announced a HK$4.2bn ($541m) share buy back plan for 138 million shares.

Copyright The Financial Times Limited 2017. All rights reserved.
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