CANADA: Ports International Proposes CFS Privatisation
Ports International Enterprises Inc, which holds controlling shares in CFS International Inc, plans to take the apparel company private.
CFS said it had received a non-binding offer from Ports International in which company shareholders would receive $3.75 per share.
Privatisation of the clothing producer and retailer would involve a merger of CFS with a Ports International subsidiary.
Ports International controls approximately 87 per cent of CFS's 36 million shares.
CFS operates the biggest upmarket fashion retail chain in China under the Ports International and BMW names and also makes and wholesales garments in the Canadian and Hong Kong markets.
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