Takeover Battle for Taiwan Bank Heats Up With CTBC Offer
- CTBC Financial offers to buy 51% stake in rival Shin Kong
- New bid tops rival offer for Shin Kong from Taishin Financial
The competing offers come amid intensified efforts by authorities to boost its financial industry and diversify the economy away from its tech-heavy concentration.
Photographer: Gabriela Bhaskar/BloombergThis article is for subscribers only.
Taiwan’s CTBC Financial Holding Co. upped the ante in the battle for Shin Kong Financial Holding Co., offering more than $4 billion for a controlling stake in its rival to create the island’s biggest finance group.
CTBC offered NT$14.55 in cash and stock for up to 51% in Shin Kong, Taiwan’s fifth-largest financial conglomerate, according to a briefing on Friday. That’s a 17% premium on Shin Kong’s last closing price. The bid trumps an offer from rival suitor Taishin Financial Holding Co., which proposed a stock swap for Shin Kong worth NT$11.32 a share.