I Squared Is Said to Make HKBN Offer in Possible Bidding War (1)

I Squared Capital made a rival non-binding offer for HKBN Ltd., people familiar with the matter said, potentially setting up a bidding war for the Hong Kong-listed broadband provider.

The infrastructure-focused investor submitted a preliminary proposal for HKBN that’s slightly higher than one by China Mobile last month, the people said, asking not to be identified because the deliberations are private. I Squared’s bid could be in the range of HK$5 to HK$6 a share, two of the people said.

Talks are ongoing and no final decisions have been made, the people said.

Trading in HKBN’s shares was halted ...