Oversea-Chinese Banking Corp. is attempting to fully acquire Great Eastern Holdings with a S$900 million bid, nearly reaching complete ownership. Minority shareholders will decide on the bid, and if rejected, trading of shares will resume. The acquisition aims to enhance OCBC's strategy in the wealth management sector and streamline group capital management. Great Eastern has substantial assets and a large policyholder base, and while independent directors favor the bid, resistant shareholders seek a higher offer despite the current bid being deemed fair by financial advisors.
Oversea-Chinese Banking Corp. is on the brink of fully controlling Great Eastern Holdings with a S$900 million bid, enhancing its strategy to build an integrated financial services group.
This acquisition will allow OCBC to efficiently manage group capital and support its aims in the growing wealth management sector, despite having limited expected impact on earnings.
Great Eastern's minority shareholders will vote on OCBC's revised offer, and should they reject it, the bank's exit offer will lapse, leading to a potential resumption of trading.
Great Eastern’s independent directors have recommended the acceptance of OCBC's bid, which has been defined as "fair and reasonable" by the financial adviser, highlighting their support for a successful takeover.
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