ICBC in bid to acquire Thailand's ACL Bank

ICBC, mainland China's largest lender by market capitalisation, agrees to pay up to $545 million for Thailand's ACL Bank and launches its first-ever tender offer.

The Industrial and Commercial Bank of China ICBC has launched a bid to buy 100% of Thailand's ACL Bank for Bt18.29 billion $545 million.

ICBC agreed on Tuesday to buy 19.26% of the outstanding shares of ACL Bank from Bangkok Bank for Bt3.52 billion. The price translates into Bt11.5 per share, which represents a 15% premium to the closing price of ACL Bank on the Thailand Stock Exchange SET on Tuesday. ICBC will now make a tender offer to...

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