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November 16, 2010, 6:04 AM EST
By Philip Lagerkranser and Mark Lee
(Adds Lenovo spokeswoman comment in fourth paragraph.)
Nov. 16 (Bloomberg) -- Lenovo Group Ltd., China’s biggest maker of personal computers, fell the most in almost three weeks in Hong Kong trading after TPG Inc. and General Atlantic LLC were said to have sold their holdings.
Lenovo shares slipped 1.8 percent to close at HK$5.43, the biggest decline since Oct. 27, after slumping as much as 5.6 percent earlier. This compared with a 1.4 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.
“It is not appropriate for us to comment on the strategic investors and their plans of dealing with Lenovo,” Angela Lee, a spokeswoman at Lenovo in Hong Kong, said in an e-mail 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.
--Editor: Matthew Oakley.
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 comment in fourth paragraph.)
Nov. 16 (Bloomberg) -- Lenovo Group Ltd., China’s biggest maker of personal computers, fell the most in almost three weeks in Hong Kong trading after TPG Inc. and General Atlantic LLC were said to have sold their holdings.
Lenovo shares slipped 1.8 percent to close at HK$5.43, the biggest decline since Oct. 27, after slumping as much as 5.6 percent earlier. This compared with a 1.4 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.
“It is not appropriate for us to comment on the strategic investors and their plans of dealing with Lenovo,” Angela Lee, a spokeswoman at Lenovo in Hong Kong, said in an e-mail 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.
--Editor: Matthew Oakley.
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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