Overseas Chinese Banking Corporation (OCBC Bank)

[felixleong]

the news said it is a binding bid. anyone cares to explain what is a 'binding' bid?

usually non-binding bid means no contract written
example expressing your interest in paying maybe X amount for this asset

A binding bid means its all written black and white in a contract already
if there is no higher bidder, OCBC must fulfill all terms stated in the contract agreed upon bidder & seller

[felixleong]

heavy selling this morning, down 1.7% before trading halt
shall await the big announcement ^^

[toiletsiao]

maybe to clarify market rumors and news about wing hang bank... last i check...Wing hang Bank is still trading with no halt...

[Aldar]

maybe to clarify market rumors and news about wing hang bank... last i check...Wing hang Bank is still trading with no halt...

Maybank KE's Report

*FLASH NOTE* OCBC - Made Binding Bid For Wing Hang (Hold, TP SGD11.30, OCBC SP)

According to Bloomberg, OCBC has submitted a binding bid for Hong Kong’s family-run Wing Hang Bank (WHB). The bid is believed to have priced WHB at less than 2x P/BV, which is lower than the asking price. The relevant parties are currently in talks to bridge the valuation gap. WHB has 43 branches in Hong Kong, 12 in Macau and 14 in China. Operations outside Hong Kong contribute about 32% of its loan book. If the bid is successful, WHB would double OCBC China’s loan book. During its 3Q13 analyst briefing in Nov 2013, OCBC management said exposure to Hong Kong’s consumer space is not a necessity as it already has a corporate presence in the territory and private wealth management business through Bank of Singapore. Its ultimate focus is to broaden its presence in China.

In our view, OCBC’s bid for WHB may deter investor interest in the stock for now, given the risk of overpaying. But a successful bid at a reasonable price may not immediately remove stock overhang as concerns over execution capabilities will linger. We value OCBC at SGD11.30, based on 14x 2014E core EPS, consistent with its rolling P/E average since 2005. At our TP, the implied FY14E P/BV is 1.5x, equivalent to its rolling P/BV average since 2005.

[CityFarmer]

Wing Hang Bank's investors responded to the news...

Wing Hang Bank declines after OCBC said to bid

Wing Hang Bank shares fell the most in almost 20 months in Hong Kong after Oversea-Chinese Banking Corp. was said to bid less for the family-run lender than its owners are seeking.

Wing Hang dropped as much as 6.1%, the biggest intraday slump since May 2012, to HK$110 ($18) before trading at HK$115.50 ($18.89) as of 10 a.m. local time. The benchmark Hang Seng Index declined 0.9%. OCBC, Southeast Asia’s second- biggest lender, fell 1.7% to S$9.85 in Singapore.
...
http://www.theedgesingapore.com/the-dail...o-bid.html

[kbl]

<vested-oldpot>


06-01-2014 12:11:12
Trading in Hong Kong's Wing Hang Bank shares suspended


HONG KONG, Jan 6 (Reuters) - Trading in Hong Kong's Wing Hang Bank Ltd <0302.HK> was halted on Monday, following reports that Singapore's Oversea-Chinese Banking Corp Ltd (OCBC) had started exclusive talks to buy the family-run lender in a deal that would value it at about $5.3 billion.

Reuters reported late on Friday that OCBC, Singapore's second largest bank by assets, has offered around twice Wing Hang's book value. [ID:nL3N0KD1PT].

Wing Hang did not give any reasons for suspending the shares.

Wing Hang shares last traded down 1.4 percent at HK$115.60, while the benchmark Hong Kong benchmark share index <.HSI> was down 0.6 percent by 0359 GMT. OCBC shares were halted earlier on Monday. [ID:nL3N0KG0U3] (Reporting by Denny Thomas; Editing by Miral Fahmy) ((denny.thomas@thomsonreuters.com)(+852 2843 6358)(Reuters Messaging: denny.thomas.thomsonreuters.com@reuters.net)) Keywords: WINGHANG OCBC/SHARES

[kbl]

06-01-2014 14:30:49
BRIEF-Wing Hang Bank says shares halted pending announcement pursuant to Hong Kong code on takeovers and mergers


Jan 6 (Reuters) - Wing Hang Bank Ltd <0302.HK>: * Says shares halted pending the release of an announcement pursuant to the Hong Kong code on takeovers and mergers * Source text for Eikon [ID:nHKS71lDdY] * ((For more news, please click here [0302.HK])) ((Bangalore Newsroom; +91 80 6749 1130))

[felixleong]

http://infopub.sgx.com/Apps?A=COW_Corpor...uddies.com

Announcement is out, nothing in black and white...

[felixleong]

seriously they might as well don't make announcement.. really no meaning

[CityFarmer]

seriously they might as well don't make announcement.. really no meaning

It is to fulfill the SGX Rules requirements.