MAJOR MERGER:Yesterday’s agreement between the two financial companies could see business expansion across Taiwan and a combined asset valuation of NT$1 trillion
Date: Aug 14, 2015
By: Ted Chen / Staff reporter
Yuanta Financial Holding Co (元大金控) is to acquire 100 percent of Ta Chong Bank Ltd (TC Bank, 大眾銀行) through a cash-and-share swap deal worth about NT$56.55 billion (US$1.7 billion), the two companies said yesterday.
The two companies’ boards approved the deal, which stipulates that Yuanta Financial is to pay NT$8.15 per share in cash and an amount of newly issued common shares in exchange for each Ta Chong share. [FULL STORY]