OCBC moves to delist Great Eastern with $25.60 final offer price
The IFA said that the offer is “not fair but reasonable".
OCBC said that it will continue to delist Great Eastern if conditions are acceptable and in the interests of OCBC and its shareholders.
On 24 June, OCBC and its concert parties acquired 90.16% of Great Eastern’s shares (426,749,174 shares). When OCBC's offer closes on July 12, Great Eastern's public float will drop below 10%, suspending trading under Rule 1303(1) of the Listing Manual.
OCBC issued an offer price of $25.60 per share to delist and privatise Great Eastern which the independent financial adviser (IFA) considered “not fair but reasonable".
Meanwhile, OCBC said that the offer price is final and does not intend to increase it. The bank also said that the offer represents a 36.9% premium over the last traded price.
OCBC seeks to delist Great Eastern with the final offer, however, SGX RegCo requires that exit offers in conjunction with voluntary delistings must not only be reasonable but also fair.
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