Shares in Orient Overseas International Ltd (OOIL) are set to open 24 percent higher on Monday after the Hong Kong container shipping line received a $6.3 billion offer from mainland Chinese giant COSCO Shipping Holdings Co Ltd.
COSCO Shipping, in partnership with Shanghai Port International Group (SIPG), on Sunday offered HK$78.67 for each OOIL share, a 31.1 percent premium to OOIL's last closing price of HK$60.
OOIL shares rose to HK$74.50 in pre-opening trading.
COSCO Shipping's Hong Kong-listed shares were set to open up 2.21 percent. The company's Shanghai-listed shares have been suspended since May 16.