25 Mar 2015
Recommended Voluntary General Cash Offer by United Overseas Bank Limited for Far Eastern Bank Limited
Goh Kian Hwee, Lawrence Tan, Serene Yeo, Soh Chai Lih and Gwendolyn Tan from the Capital Markets / M&A Practice Group are acting for United Overseas Bank Limited (“UOB”), in its recommended voluntary conditional cash offer ("Offer") to acquire all the ordinary shares in the capital of Far Eastern Bank Limited (“FEB”) other than those already held by UOB (“Offer Shares”). The Offer was jointly announced by UOB and FEB as a recommended offer, i.e. the Offer is recommended at the outset by the independent financial adviser appointed by FEB. UOB owns 78.88% of the shares in FEB and is making the Offer with a view to privatising FEB. The Offer values FEB at S$351.04 million based on the offer price of S$3.51 per FEB share.
The Offer will be conditional upon UOB having received, by the close of the Offer, valid acceptances in respect of not less than 90% of the Offer Shares. In connection with the Offer, UOB had obtained irrevocable undertakings from certain shareholders of FEB to, inter alia, accept the Offer in respect of FEB shares held by them, representing an aggregate of approximately 5.39% of the total number of issued FEB shares.
UOB is listed on the Main Board of the SGX-ST. It provides a wide range of financial services, including personal financial services, private banking, commercial and corporate banking, investment banking, corporate finance, capital market activities and asset management, through its global network of branches, offices, subsidiaries and associates.
FEB is a banking subsidiary of UOB and offers commercial banking and financial services.