OCBC's takeover bid for Wing Hang now 'unconditional'
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Lee U-Wen
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Singapore
OCBC Bank said yesterday that its takeover bid for Wing Hang Bank has become "unconditional" now that it holds over half of the family-owned Hong Kong lender's shares.
In a regulatory filing to the Singapore Exchange, OCBC said it has an interest in 50.4 per cent of Wing Hang's issued share capital as of yesterday, mainly through acceptances of its offer. This means that OCBC's offer is no longer subject to conditions such as the Singapore bank needing to successfully acquire a certain percentage of Wing Hang shares.
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