Volkswagen Bank $PBBANK (1295.MY)$ Shareholders of Volkswagen Bank release relevant documents regarding the Lunping $LPI (8621.MY)$ acquisition case, also issuing an independent consultant report, obtaining independent consultant support for its acquisition plan.
According to the announcement, the independent consultant, Great Wall Investment Bank, after evaluation, recommends that Volkswagen Bank's shareholders approve the above-mentioned acquisition at an extraordinary general meeting, indicating that the acquisition is fair and reasonable and does not harm the interests of minority shareholders.
The Malaysian investment bank stated that the price of 9.80 ringgit per share offered by Public Bank to take over Lunping is lower than Lunping's stock price level in the past 3 years, and at the same time, the price-to-earnings ratio and price-to-book value ratio of the above offer are also similar to other comparable ordinary insurance companies.
"We note that this acquisition brings opportunities for Public Bank to expand its financial products and market footprint into the ordinary insurance sector, especially domestically. Both Public Bank and Lunping's distribution capabilities and competitive advantages can be strengthened after the acquisition is completed."
Online special opening on the 28th of this month
Public Bank held a rare press conference on October 10, announcing an offer of 1.72 billion 20 million ringgit or 9.80 ringgit per share to acquire 44.15% of Lunping's equity from the major shareholder, the Cheng family, triggering a mandatory general offer mechanism, and will acquire the remaining Lunping shares from other shareholders at the same offer price of 9.80 ringgit per share.
In any case, DBS Bank intends to maintain its listing status in London.
DBS Bank will on November 28, through a pure online...