Temasek Holdings managed to sell its entire 9.6% stake in Korea’s Hana Financial Group yesterday, but not before it lowered the price below the original offering range. The final price, W33,400 per share, represented a 6% discount to Wednesday’s closing price and allowed Temasek to raise W680.86 billion $603 million.
When the deal was launched after the close of Korean trading on Wednesday, the Singapore investment firm offered the shares at a much tighter discount between zero and 3.5% versus that same closing price, which implied a deal size between $619 million and $640 million.
According to a source, the plans changed when Credit Suisse, as the sole bookrunner of the deal, started marketing...
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