In its securities filing Tuesday, OCBC, Singapore’s second-biggest bank by assets, disclosed a voluntary “no price increase” statement complicating its offer for Hong Kong lender Wing Hang Bank, Limited (HKG:0302) (OTCMKTS:WGHGY).
OCBC’s latest disclosure threw down the gauntlet to U.S. hedge fund manager Elliott Management Corp, which took a nearly 8% stake in Wing Hang.
OCBC’s month-long efforts
Singapore’s Overseas-Chinese Banking Corp made an offer to acquire Wing Hang Bank, Limited (HKG:0302) (OTCMKTS:WGHGY) shares at HK$125 apiece. The offer was conditional on its receipt of enough acceptances to lift its Wing Hang stake above 50%. According to the regulatory filing, the offer will stay open...
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