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

Industry:    3 months ago

Taiwanese conglomerate CTBC Financial late on Friday raised its bid for Shin Kong to a 51% stake of the company, challenging an existing plan for its smaller rival to merge with Taishin.

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.

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