cimb-and-southern-its-a-deal

CIMB and Southern. It's a deal!

After five months of negotiating, CIMB Group's Bumiputra-Commerce Holding Berhad and Southern Bank say they will merge.
CIMB GroupÆs Bumiputra-Commerce Holdings Bhd. BCHB upped its offer for Southern Bank Bhd. to M$6.7 billion $1.8 billion on Wednesday March 15, after months of heated negotiations over MalaysiaÆs largest banking takeover.

BCHB, the nationÆs second-largest lender sweetened the deal to M$4.30 per share, up about 4% from an initial hostile offer of M$4.15.

CIMB Group and Southern Bank, which is the nationÆs second-smallest lender, jointly announced the proposed merger, saying they now have unanimous support from the boards of directors of both BCHB and Southern Bank, as well as endorsement from substantial shareholders of Southern Bank for the proposed acquisition by BCHB û alluding to the five-month old negotiating struggle.

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