Singapore's OCBC offers $1 bln to Great Eastern in bid to take it private (updated)

Great Eastern Holdings

10/05/2024 24:25

(Adds details on deal in paragraphs 2 to 5)
       May 10 (Reuters) - 
    Singapore's second-biggest lender, OCBC  OCBC.SI , unveiled
a S$1.4 billion ($1.04 billion) offer on Friday to buy the
remaining stake in insurer Great Eastern Holdings  GELA.SI  and
delist the company.
  
        OCBC, Great Eastern's biggest shareholder, said it would
acquire the 11.56% stake in the insurer that it does not
currently own. If it goes though, the deal will give the lender
full ownership of the firm.
  
        The offer price of S$25.60 per share, a premium of 37%,
values Great Eastern at S$12.12 billion.
  
        OCBC said it intends to delist Great Eastern from
Singapore markets after acquiring it.  
  
    
($1 = 1.3519 Singapore dollars)

 (Reporting by Poonam Behura; Editing by Pooja Desai)
 ((Poonam.Behura@thomsonreuters.com;))