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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Fosun International Limited    656   HK0656038673

FOSUN INTERNATIONAL LIMITED

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Cirque du Soleil and secured creditors near rival bid for troupe

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07/10/2020 | 09:14pm EDT

Cirque du Soleil and its secured creditors are close to reaching a agreement on a second stalking horse bid for the financially strapped entertainment group, after lenders opposed a deal with shareholders including TPG Capital and Fosun International, a Canadian court heard on Friday.

Canada's once high-flying Cirque has received protection from creditors as it restructures after the COVID-19 pandemic forced it to cancel shows and lay off artists. The Montreal-based entertainment company filed for bankruptcy in late June.

Details about the rival bid by secured creditors, which sets the low-end bar for buying the company's remaining assets, were not disclosed by the parties involved in the dial-in hearing on Friday.

Details are expected to be presented in court next week pending approval from the Cirque board.

Lenders had previously dismissed a stalking horse bid from a group of investors, including private equity firm TPG [TPG.UL], and Fosun, a Canadian pension fund and a Quebec government body as inadequate.

The lenders would end up getting a 40% stake in the restructured Cirque, under the TPG consortium's proposal.

Any stalking horse bid would require court approval.

Cirque had almost $1.5 billion in liabilities as of December 2019.

(Reporting by Allison Lampert in Montreal; Editing by Richard Chang)

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Financials
Sales 2020 132 B 18 946 M 18 946 M
Net income 2020 10 829 M 1 558 M 1 558 M
Net Debt 2020 114 B 16 397 M 16 397 M
P/E ratio 2020 6,54x
Yield 2020 3,47%
Capitalization 70 498 M 10 144 M 10 143 M
EV / Sales 2020 1,40x
EV / Sales 2021 1,24x
Nbr of Employees 71 000
Free-Float 28,7%
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Technical analysis trends FOSUN INTERNATIONAL LIMITE
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Mean consensus BUY
Number of Analysts 9
Average target price 11,02 CNY
Last Close Price 8,29 CNY
Spread / Highest target 64,9%
Spread / Average Target 32,9%
Spread / Lowest Target 8,51%
EPS Revisions
Managers
NameTitle
Qi Yu Chen Co-Chief Executive Officer & Executive Director
Xiao Liang Xu Co-Chief Executive Officer & Executive Director
Guang Chang Guo Chairman
Qun Bin Wang Co-Chairman
Ping Gong Chief Financial Officer & Executive Director
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