20150623-BARCLAYS-华润创业(0291):REVISED_OFFER-815044

$华润创业(hk00291)$
On 18 June 2015,CRE announced that its parent,China Resources Holdings(CRH),had marginally revised up its offer to buy CRE’s non-beer businesses to HK$30bn from HK$28bn.This amounts to an increase of about HK$0.80/share,raising the earlier offer of HK$11.50/share to HK$12.30/share.In addition,CRH also proposed to increase its stake in the BeerCo(which is what CRE will become post the spin-off of its non-beer assets)by increasing its partial offer to acquire an additional 10% stake earlier to 20% now.Therefore,shareholders will be able to sell to the parent about 40% of their shares outstanding of the BeerCo at HK$12.75/share(unchanged from the previous offer).Combined,this rounds up to a total value of HK$25/share for the existing entity(BeerCo and non-Beer),which is close to where CRE’s stock is now trading.CRH is also offering a loan of up to HK$10bn to the BeerCo for three years. We raise our 12-month price target for CRE by 4% to HK$24 to reflect the increase in the proposed special dividend as part of the revised offer.
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