CHALLENGING MARKET:The NT$4.23 billion acquisition is to give Taishin Financial a market share of more than 0.005 percent and a better foothold in the mid-size market
Date: Mar 11, 2017
By: Ted Chen / Staff reporter
Taishin Financial Holding Co (台新金控) yesterday confirmed plans that its brokerage unit would wholly acquire Ta Chong Securities Co Ltd (大眾證券) in a deal worth NT$4.23 billion (US$136.29 million) after denying media reports earlier this week.
The two companies have secured approval from their respective boards of directors, with the price of the acquisition set at NT$11.2 per share, company officials said at a news conference at the Taiwan Stock Exchange, adding that a formal contract would be inked on Monday.
Taishin Securities Co (台新證券), the brokerage arm of the bank-focused financial conglomerate, would be the surviving entity following the merger, which is expected to be completed by the end of July pending regulatory and shareholders’ approval, it said.
Taishin Financial has gained the consent of Yuanta Financial Holding Co (元大金控) to push forward with the acquisition, Taishin Financial chief financial officer Welch Lin (林維俊) said. [FULL STORY]