Belle International has formally approved the proposal of acquiring Mirabell at a special general meeting of shareholders.
Belle International and Mirabell have jointly announced that Belle will fully acquire Mirabell for HK$6 per share and privatize the latter. Mirabell has issued 262.3 million shares, which are worth about HK$157.4 million. After the transaction, Mirabell will be a wholly-owned subsidiary of Belle and it will be delisted.
The biggest shareholder and chairman of Mirabell, Deng Weilin, who owns 62.87% shares of the company, has accepted the acquisition.
In regards to this acquisition, Belle says that the company's strategy is to concentrate on the development of medium and high end leisure shoes. The prices of Mirabell's products are between US$60 to US$300, which have great development potential in the mainland China market and will be complementary to the businesses of Belle.