The directors of Singapore's Great Eastern have been advised to recommend that minority shareholders accept a S$1.4 billion offer from the insurer's top investor Oversea-Chinese Banking Corp . Ernst & Young, the financial adviser to the independent directors, said the terms of the offer were"reasonable" and advised them to recommend the deal, Great Eastern said in a statement on Friday .
OCBC, Singapore's second biggest lender, announced in May an offer to buy the 11.56 per cent stake in Great Eastern that it does not own at S$25.60 per share, or a 37 per cent premium over Great Eastern's last traded shares price before that announcement. "This offer price is final," OCBC said on Friday."The closing date of the offer is extended to Jul 12, 2024. OCBC does not intend to increase the offer price or further extend the closing date."
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