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…
OCBC Defiant On Wing Hang Offer Despite Elliott’s Stake
Mani
Mani is a Senior Financial Consultant. He has worked in Senior Management role in large banking, financial and information technology organizations. He has provided solutions for major banking and securities firms across the globe in the area of retail, corporate and investment banking. He holds MBA (Finance) and Professional Management Accounting Qualifications. His hobbies are tracking global financial developments and watching sports