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CVC Withdraws Offer for Peace Mark

HONG KONG, Sept 4 (Reuters) – CVC Asia Pacific withdrew its indicative offer for shares in Peace Mark (0304.HK: Quote, Profile, Research, Stock Buzz), Reuters Basis Point reported on Thursday, but the Hong Kong-based watchmaker said it had received another offer.

Peace Mark, in a meeting with existing lenders last Tuesday had indicated that CVC was interested in a roughly 30 percent stake in the firm. Peace Mark cancelled a meeting on Thursday with its lenders.

The company’s shares have been suspended since Aug. 18, the same day it announced the interest from CVC. CVC withdrew its offer on Aug. 29, Basis Point reported.

Peacemark shares rose steadily last year, hitting HK$14 in late July 2007 and holding within a dollar of that mark for the remainder of the year. But its stock has been in free-fall most of this year, including a 42 percent drop on Aug. 11 — a day when its shares were down as much as 73 percent.

Analysts at the time blamed the steep decline in part on a lack of clarity in its annual report, released at the end of July. The stock’s last close was at HK$1.50 on Aug. 15. (Reporting by Michael Flaherty, Editing by Louise Heavens)