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November 15, 2010, 11:20 PM EST
By Philip Lagerkranser and Mark Lee
(Adds Lenovo spokeswoman in fourth paragraph.)
Nov. 16 (Bloomberg) -- Lenovo Group Ltd., China’s biggest maker of personal-computers, fell the most in five months in Hong Kong trading after TPG Inc. and General Atlantic LLC were said to have sold their holdings.
Lenovo shares dropped as much as 5.6 percent, the biggest intra-day decline since June 9, and were 2.5 percent lower at HK$5.39 as of 11:19 a.m. local time. This compared with a 0.1 percent drop in Hong Kong’s benchmark Hang Seng Index.
TPG and General Atlantic sold 282.3 million Lenovo shares, their entire holdings, at HK$5.451 apiece, a person with knowledge of the matter said. The price is at the low end of a marketed range, according to the person, who declined to be identified before a public announcement.
Angela Lee, a spokeswoman at Lenovo in Hong Kong, couldn’t immediately confirm details of the stock sale when reached on her office telephone today.
General Atlantic, TPG and its unit Newbridge Capital owned a combined 2.8 percent stake in Lenovo, according to the Chinese company’s website. The private-equity firms, investors in the computer maker since 2005, began reducing their holdings in 2007, according to Bloomberg data.
Nomura Holdings Inc. is the sole bookrunner on the deal.
--Editors: Anand Krishnamoorthy, Philip Lagerkranser.
To contact the reporters on this story: Philip Lagerkranser at lagerkranser@bloomberg.net Mark Lee in Hong Kong at wlee37@bloomberg.net
To contact the editor responsible for this story: Young-Sam Cho at ycho2@bloomberg.net
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(Adds Lenovo spokeswoman in fourth paragraph.)
Nov. 16 (Bloomberg) -- Lenovo Group Ltd., China’s biggest maker of personal-computers, fell the most in five months in Hong Kong trading after TPG Inc. and General Atlantic LLC were said to have sold their holdings.
Lenovo shares dropped as much as 5.6 percent, the biggest intra-day decline since June 9, and were 2.5 percent lower at HK$5.39 as of 11:19 a.m. local time. This compared with a 0.1 percent drop in Hong Kong’s benchmark Hang Seng Index.
TPG and General Atlantic sold 282.3 million Lenovo shares, their entire holdings, at HK$5.451 apiece, a person with knowledge of the matter said. The price is at the low end of a marketed range, according to the person, who declined to be identified before a public announcement.
Angela Lee, a spokeswoman at Lenovo in Hong Kong, couldn’t immediately confirm details of the stock sale when reached on her office telephone today.
General Atlantic, TPG and its unit Newbridge Capital owned a combined 2.8 percent stake in Lenovo, according to the Chinese company’s website. The private-equity firms, investors in the computer maker since 2005, began reducing their holdings in 2007, according to Bloomberg data.
Nomura Holdings Inc. is the sole bookrunner on the deal.
--Editors: Anand Krishnamoorthy, Philip Lagerkranser.
To contact the reporters on this story: Philip Lagerkranser at lagerkranser@bloomberg.net Mark Lee in Hong Kong at wlee37@bloomberg.net
To contact the editor responsible for this story: Young-Sam Cho at ycho2@bloomberg.net
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