News

Staff Reporter

, Singapore

Published:

15 minutes ago

OCBC's CEO Helen Wong speaking at the launch of its Wuhan branch in mid-2023. Photo courtesy of OCBC.

OCBC’s final offer for Great Eastern squeeze out at S$25.6 per share

Closing date has been extended to 12 July.

OCBC has maintained its offer price S$25.6 per share to the over 54.73 million shares in Great Eastern Holdings (GEH), saying that the offer price is “final.”

The offer translates to an over S$1.4b price tag for an 11.56% stake in GEH that OCBC does not already own.

Closing date has been extended to 12 July, the Singaporean bank said in a press statement.

“OCBC does not intend to increase the Offer Price or further extend the closing date,” the statement said.

As of 13 June, OCBC said that it has received acceptances for over 1.74 million GE shares. This is 0.37% of the total number of GE shares and raises OCBC’s stake to 88.8%.

J.P. Morgan Securities Asia Private Limited acts as the exclusive financial adviser to OCBC for the stake buy; whilst Allen & Gledhill LLP is the legal adviser to OCBC.

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