Singapore's OCBC offers S$1.4 billion to Great Eastern in bid to take it private

Singapore's second-biggest lender, OCBC, unveiled a S$1.4 billion offer on Friday to buy the remaining stake in insurer Great Eastern Holdings and delist the company.

OCBC, Great Eastern's biggest shareholder, said it would acquire the 11.56 per cent stake in the insurer that it does not currently own. If it goes through, the deal will give the lender full ownership of the firm. The offer price of S$25.60 per share, a premium of 37 per cent, values Great Eastern at S$12.12 billion.Great Eastern could not be reached immediately for comments on the proposed acquisition. The company requested for a trading halt of shares immediately after OCBC's announcement."We have been looking at opportunities to best use our capital and believe the offer allows us to deploy our resources into a key business that is expected to be earnings accretive to OCBC.

We know it's a hassle to switch browsers but we want your experience with CNA to be fast, secure and the best it can possibly be.

Source: News Formal (newsformal.com)

Singapore Latest News, Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

OCBC Cycle: Road closures on May 11 & 12 for Singapore’s largest mass cycling eventBeing Singapore's largest mass cycling event, it also aims to provide 'a safe cycling platform for riders across all cycling proficiencies.'
Source: IndependentSG - 🏆 9. / 63 Read more »

OCBC Securities marks fourth ETF launch in SingaporepstrongThe ETF guarantees a minimum 5% annual dividend for the first 2 years./strong/p pOCBC Securities and Lion Global Investors (LGI) will list Lion-OCBC Securities APAC Financials Dividend Plus Exchange Traded Fund (ETF) on the Singapore Exchange (SGX).
Source: SBRMagazine - 🏆 13. / 51 Read more »

‘We have built a strong foundation for future generations’: PM Lee in his last major speechPM Lee added that it was a great honour to have led and served Singapore.
Source: The Straits Times - 🏆 8. / 63 Read more »

‘We have built a strong foundation for our future generations’: PM Lee in his last major speechpPM Lee added it was a great honour to have led and served Singapore./p
Source: STForeignDesk - 🏆 4. / 71 Read more »

‘Make merry while we still can’: Ex-crew members of SIA and its predecessor get togetherSINGAPORE - Some 130 former crew members who used to work for Singapore Airlines (SIA) or its predecessor, Malaysia-Singapore Airlines (MSA), attended a soiree at the Singapore Cricket Club on April 28.
Source: STForeignDesk - 🏆 4. / 71 Read more »

Longer SIA flights to Europe as airline avoids Iranian airspaceAll Scoot flights between Singapore and Athens will also take longer, says a Singapore Airlines spokesperson.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »