Singapore Insurer Taps EY to Opine on OCBC’s $1 Billion Offer
- EY to assess merits of OCBC’s takeover offer for Great Eastern
- OCBC made previous offers to increase stake in insurer
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Great Eastern Holdings Ltd. appointed EY as independent financial adviser for the S$1.4 billion ($1 billion) offer from Oversea-Chinese Banking Corp. to buy the remaining stake the lender does not currently own, according to people familiar with the matter.
EY will assess the merits of OCBC’s offer for the Singapore-based insurance firm and give an opinion to the firm’s board of directors, the people said, asking not to be identified as the appointment is not yet public. OCBC holds more than 88% in Great Eastern, one of the largest insurers in the city-state, and moved to take full control earlier this month.