Temasek lowers offering price for Hana shares

Temasek exits Hana Financial at a 6% discount to the latest close after initially trying to sell the shares at a zero to 3.5% discount, prompting a 7.3% drop in the share price.

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...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222