IMYCC,Yitai Coal(900948) 每日经济新闻·2025-05-08 14:16Core Viewpoint - The competitive tender offer for ST Xinchao (SH600777) has seen the exit of Zhejiang Jindi Petroleum Exploration and Development Co., Ltd. after failing to meet the necessary conditions for its offer, while Inner Mongolia Yitai Coal Co., Ltd. has entered the fray with a higher bid [1][2][4]. Group 1: Tender Offer Details - Zhejiang Jindi Petroleum initiated a partial tender offer for 1.36 billion shares, representing 20% of ST Xinchao's total shares, at a price of 3.10 yuan per share [2][3]. - The tender offer was contingent upon receiving at least 5.44 billion shares (8% of total shares) by May 7, 2025, but only 963.2 million shares (0.14%) were tendered, leading to the offer's failure [2][3]. - Inner Mongolia Yitai Coal's offer was for 3.468 billion shares (51% of total shares) at a price of 3.40 yuan per share, requiring a total funding of 11.792 billion yuan [3][5]. Group 2: Market Reactions and Implications - Following the announcement of Yitai Coal's higher bid, ST Xinchao's stock price rose significantly, surpassing Jindi Petroleum's offer price [5]. - As of May 7, Yitai Coal had received 1.358 billion shares tendered, accounting for approximately 19.99% of ST Xinchao's total shares, nearing the threshold for its offer to be valid [5]. - The competitive nature of the offers has led to increased trading activity and interest in ST Xinchao's shares, with investors now having more time to consider Yitai Coal's offer [5][6]. Group 3: Future Considerations - The failure of Jindi Petroleum's offer alleviates the risk of ST Xinchao's share distribution violating listing requirements, which would have occurred if both offers had succeeded [6]. - Yitai Coal remains committed to acquiring ST Xinchao and has indicated plans to address any potential issues regarding share distribution to maintain ST Xinchao's listing status [6][7]. - ST Xinchao's board has advised shareholders to consider various factors, including company prospects and market conditions, before deciding on Yitai Coal's offer [7].