Cathay gets specific on UWCCB purchase

Cathay FHC''s Chang-Ken Lee discusses the rationale behind its $3.4 billion acquisition of UWCCB.

Yesterday it was announced in Taiwan that Cathay Financial Holding Company FHC has agreed to purchase United World Chinese Commercial Bank UWCCB in an all share transaction. The deal is worth some $3.4 billion and is the largest MA deal to ever happen in Taiwan, eclipsing last week's acquisition by Fubon of Taipei Bank.

Key facts to the transaction are that Cathay is offering one share for each 1.6 UWCCB shares, giving a valuation premium of 28.7% to UWCCB's closing price last Friday. The new company will have a combined asset value of $62.2 billion and over 10 million customers. It will be the fourth largest financial institution in non Japan, non Australia...

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