Focus Media Holding, a Chinese billboard company that abandoned its New York listing after an attack by a prominent short seller, is set to go public again via a reverse takeover.
Jiangsu Honda, a silicon rubber manufacturer listed on the Shenzhen Stock Exchange, said late on Tuesday that it would pay Rmb45.7bn ($7.4bn) for Focus.
The company’s return to China highlights the spending power of groups whose shares have been boosted by soaring equity markets and Asian investors’ increasing willingness to back companies previously attacked by western short sellers.
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