OCBC Makes $1 Billion Offer for Rest of Great Eastern
- Takeover bid comes as bank posts above-estimate profit
- OCBC made offers to increase stake in insurer over the years
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Oversea-Chinese Banking Corp. offered S$1.4 billion ($1 billion) to buy the remaining stake in Great Eastern Holdings Ltd. that it does not currently own, as the Singapore lender moves to reinforce its position in wealth management.
The cash bid of S$25.60 a share represents a 36.9% premium over the insurer’s last traded price, the city-state’s second-largest lender said in a statement on Friday. OCBC currently owns more than 88% in Great Eastern, and plans to delist the firm, which is currently halted for trading.