The centenarian mogul, who owns a 74.92% stake in the legendary studios that he founded, has offered to buy the remaining shares at HK$13.35 each - which represents a premium of 64.2% over the closing price of HK$8.13 on Dec 12.
According to a statement filed with the Hong Kong stock exchange, the acquisition will be funded by internal resources.
In October, Shaw Brothers announced to the Hong Kong Stock Exchange that it hadended all talks to sell a majority stake in the company, citing the current global financial crisis. The announcement marked the end of a bid by Chinese property developer Yeung Kwok-keung to buy a 75% stake in the company.
The company's share price has dropped 60.8% over the last six months compared with the 34.7% decline of the benchmark Hang Seng Index.