Taiwan's CTBC raises bid size for Shin Kong to 51% stake

TS Financial Holding Co

24/08/2024 03:35

TAIPEI, Aug 24 (Reuters) - Taiwanese conglomerate CTBC
Financial  2891.TW  late on Friday raised its bid for Shin Kong
 2888.TW  to a 51% stake of the company, challenging an existing
plan for its smaller rival to merge with Taishin  2887.TW .
    Updating a previous announcement from Tuesday, CTBC said it
had upped its purchase plans from a 25% stake, at a price of
T$14.55 per share.
    CTBC said it plans to submit its plan to regulators early
next week.
    Shin Kong, whose stock closed flat at T$12.45 on Friday, did
not immediately respond to a request for comment.
    Shin Kong and Taishin said on Thursday they planned to
merge, a long mooted proposal first considered two decades ago.
    The merger would happen through a stock swap, the companies
said in joint statements.
    Shin Kong and Taishin first held merger talks in 2002 and
speculation has swirled since about the two coming together.

 (Reporting by Emily Chan and Ben Blanchard; editing by Sam
Holmes)
 ((ben.blanchard@thomsonreuters.com;))