The long rumored investment talks between Citibank and the Bank of Overseas Chinese (
"Yes, it was the deadline but they had not made any offer by the time due today," Peter Huang (
Polaris holds about a 40 percent stake in Bank of Overseas Chinese.
The process could carry on next week, but if Citibank could offer a price that "is not far off," a deal could be struck very soon, Huang said.
The executive, however, shied away from elaborating on the bank's preferred price.
Citibank continued to decline to comment on the potential deal.
Local newspapers reported that the talks between the two parties were drawing to an end and yesterday was the deadline for Citibank to make an exclusive offer.
Polaris reportedly favored a floor price of NT$12 per share.
Bank of Overseas Chinese shares closed almost 7 percent limit-up at NT$12 on the Gretai Securities Market yesterday.
Yesterday marked the second extension as the bank extended the first deadline -- last Wednesday -- in the hope of getting a better price after Standard Chartered Bank announced its outright acquisition of Hsinchu International Bank (
The acquisition will boost the number of Standard Chartered outlets to 86 nationwide from three.
Standard Chartered's move was expected to add momentum to Citibank's and HSBC Ltd's acquisition plans in Taiwan in the near future, Edward King (
Citigroup Inc CEO Charles Prince said earlier this month that he would seek to boost the bank's overseas earnings to 60 percent from 45 percent in the next few years through acquisition of rivals in markets like Taiwan, Turkey and China.