OCBC bids $5b in biggest Hong Kong bank offer since 2001

OCBC to pay HK$125 a share in cash.

According to Bloomberg, Oversea-Chinese Banking Corp. offered HK$38.4 billion ($5 billion) to buy Wing Hang Bank Ltd. (302) in the biggest takeover of a Hong Kong lender since 2001 to gain a foothold in the expanding Chinese financial hub.

Southeast Asia’s second-largest lender will pay HK$125 a share in cash, it said in a statement today. That represents a 1.6 percent premium to the last traded price on March 28. The family of Chairman Patrick Fung, Bank of New York Mellon Corp. and other shareholders holding a combined 50.66 percent of Wing Hang have accepted the offer, according to the release.

Read full report here.

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