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| Saturday, August 30, 2008 05:49:04 |
Gome to buy rival
China Paradise Elextronics Retail agrees to the takeover offered by Gome Electrical Appliances, the leading Mainland retailer of consumer electronic iteams an dhome appliances, The Standard reported.
Gome's offer of additional cash and one new share for every three shares in China Paradise, will value the latter at least HK$4.94 billion, The Standard quoted Dow Jones Newswire.
By acquiring China Paradise, Gome strengthens its position as the top retailer of home appliances in the mainland where it commands a market share of more than 10 percent. The expansion will also help Gome fend off competition from global players such as Best Buy, which is increasing its presence in the mainland, said the paper.
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