China Development Industrial Bank's (中華開發工銀) plan to acquire a stake in Grand Cathay Securities Corp (大華證券) may not be able to receive approval from regulators in time, Chinese-language media reported over the weekend.
China Development, Taiwan's largest bank by market value, filed with the regulatory Securities and Futures Commission on March 29 to purchase 256 million shares at NT$20 per share in Grand Cathay through the first such public tender in Taiwan.
According to the current public acquisition laws, the commission has to decide as to whether it will approve the proposal by April 16 -- 12 working days after receiving the application. That's today.
Yet, last Friday, China Development's board decided to alter details about its planned acquisition of Grand Cathay and submitted another proposal to the commission, the bank announced.
It said the bank decided to lower the minimum amount of shares it plans to acquire in Grand Cathay and to reschedule the period during which it will buy shares from Grand Cathay's existing shareholders from May 8 to 18, instead of from April 11 to 20, as previously planned.
Under the resubmitted proposal, the bank must obtain at least 100 million shares, or it will cancel the acquisition. But officials at the commission said the time is too tight to review and approve the bank's new proposal, local media quoted chairman Chu Chao-chuan (
China Development has viewed the acquisition of a stake in Grand Cathay as a way to widen its business scope, which would include a brokerage house and the eventual establishment of a holding company.
``We hope to collect the shares we need [about 22 percent stake in Grand Cathay] before the end of April,'' said bank spokeswomen Grace Fang in early April. Nonetheless, the bank's acquisition of Grand Cathay has met with great opposition from the latter so far.
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