OCBC Can “Blink and Stare” At Wing Hang Bank

Following Elliott Management's enhancing its stake in Wing Hang Bank, Limited (HKG:0302) (OTCMKTS:WGHGY), OCBC has two options of “blink’ and “stare”, and it’s more likely that OCBC doesn’t increase its offer price, note Credit Suisse analysts.

Elliott ups stake in Wing Hang

As reported earlier, Elliot Management, run by billionaire Paul Singer, disclosed in its filings with the Hong Kong Securities and Futures Commission last week that it has acquired an additional 8,712,000 shares of Wing Hang Bank, Limited (HKG:0302) (OTCMKTS:WGHGY) at HK$125 per share.

Earlier, Overseas Chinese Banking Corp offered to acquire Wing Hang shares at HK$125 apiece which was conditional on its receipt of enough acceptance to lift its Wing...