London-based investment firm makes late, long-shot bid for TikTok: WSJ
A low-key investment company is trying to attract the head of TikTok’s parent company with long-term alternative bids because popular video-sharing applications are still stuck in a stalemate between China and the United States.
According to people familiar with the matter, London-based Centricus Asset Management Ltd. has revised its quotation several times in recent weeks based on feedback from TikTok’s parent company ByteDance Ltd. CEO Zhang Yiming and his advisers. And other documents related to quotes viewed by The Wall Street Journal.
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The architects of the bid position it as a backup of a deal that Oracle has already led. Oracle (ByteDance) finalized the deal to appease the US government, and the agreement received preliminary approval from President Trump last month. The United States calls this application a national security issue.
TikTok and Facebook apps on the screen Apple iPhone XR
Mr. Trump stated that he hopes that TikTok’s business in the United States will be owned by Americans. Centricus said in the bid that it will create a new holding company in a jurisdiction acceptable to the United States and China.
People close to Centricus said they believe the company’s chances of success are low. Centricus executives believe that if the Chinese government eventually blocks 2.23% of Oracle’s ORCL transactions, their bid may be seen as a potential middle route, which can preserve value for existing investors and satisfy the US’s claim that TikTok data is not in Chinese hands This also prevented the United States from acquiring one of China’s most successful technology companies. Centricus also stated in the bidding that it is open to participation by existing investors and US companies.
It is believed that some senior officials in both China and the United States oppose the existing Oracle transaction and cannot guarantee that it will eventually be approved by Washington or Beijing.
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