Chinese conglomerate Tencent has made a late bid to top up its stake in Australia's Afterpay.
It is understood Tencent submitted a bid at $66 a share - the top of the placement and selldown bookbuild price range - on Tuesday night, making its offer via the United States leg of the deal.
Afterpay founders Anthony Eisen and Nicholas Molnar are selling down $250 million worth of shares as part of the company's capital raising on Tuesday.
Sources said the bid was "big" - and it would be up to Afterpay to make a decision regarding Tencent's final allocation, Tencent was all but guaranteed to get 5 per cent of the placement - or $32.5 million of stock - to retain its position on Afterpay's share register.
The question was whether it gets any more shares. Afterpay's allocation policy, where it said it would seek to prioritise existing shareholders, would suggest any order by Tencent in excess of its 5 per cent mark would be given a good hearing.
APT Price at posting:
$68.00 Sentiment: Buy Disclosure: Held
