Major shareholders of broadband company HKBN (HKG:1310) have been uneasy about the slow pace of approval of a buyout, The Standard reported Tuesday, citing sister publication Sing Tao Daily.

The proposed acquisition by China Mobile (HKG:0941, SHA:600941) is still in limbo, awaiting regulatory approval from mainland Chinese authorities, the report said.

HKBN's price would likely fall should mainland China regulators not clear the deal and result in a withdrawal of China Mobile's offer, according to the report.

Another potential buyer, I Squared Capital, which offered to buy the broadband company at a higher price, has not yet submitted any offer, The Standard said.

I Squared Capital's hesitation could be due to financial reasons and long-term planning, according to The Standard.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)