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OCBC announces $6.2b bid for Hong Kong's Wing Hang Bank

Published on Apr 1, 2014 8:18 AM
 

OCBC Bank on Tuesday announced a keenly-awaited bid to acquire Hong Kong-listed Wing Hang Bank, at HK$125 per share or HK$38.4 billion (S$6.2 billion) in cash.

The price works out to a 1.6 per cent premium to Wing Hang's last closing price of HK$123 per share, OCBC said in a statement.

It is also 49 per cent higher than the last closing price of Wing Hang's shares at HK$83.80 on Sep 16 last year, the last trading day before the Hong Kong bank said shareholders were in talks to sell their stakes.

OCBC will be paying about 1.77 times the consolidated net book value of Wing Hang as at Dec 31 last year.

OCBC Bank on Tuesday announced a keenly-awaited bid to acquire Hong Kong-listed Wing Hang Bank, at HK$125 per share or HK$38.4 billion (S$6.2 billion) in cash. -- FILE PHOTO: REUTERS
 
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