Sat, Jan 22, 2005 - Page 11 News List

President Securities mulls Waterland's buyout proposal


President Securities Corp (統一證券) said yesterday it may consider Waterland Financial Holdings Co's (國票金控) offer to buy the brokerage company in a stock swap.

President Securities' board did not decide on Waterland Financial's takeover offer in a meeting today, President Securities spokeswoman Grace Lee (李敏綺) said. Waterland Financial spokesman Stephen Tsai (蔡德夆) was not immediately available for comment.

President Securities' directors accepted company president Eric Wen's (溫鴻緒) resignation yesterday, Lee said without elaborating.

Waterland Financial offered to buy President Securities in a stock swap, beating out Mega Financial Holding Co (兆豐金控), a local business newspaper reported yesterday, without saying where it obtained the information.

The stock swap indicates Waterland offered to buy President Securities for about NT$24 a share, compared with a bid of less than NT$20 from Mega Financial, the newspaper said. President Securities said that it has been contacting potential partners other than Mega Financial.

Mega Financial started in talks with President Securities over the proposed deal to buy the brokerage from the nation's largest food company, Uni-President Group (統一集團) in the fourth quarter last year. At that time, Uni-President Group had indicated any sale of the brokerage should exceed NT$20 per share.

President Securities' shares fell 1.1 percent to NT$17.60 yesterday. Waterland Financial was unchanged at NT$12.80.

The Financial Supervisory Commission plans to offer tax and other incentives to spur mergers in the financial industry.

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