The board of China Life Insurance Co (中國人壽) last week said China Development Financial Holding Corp’s (CDFHC, 中華開發金控) bid to buy its shares at NT$23.6 per share is reasonable.
CDFHC, which holds a 34.82 percent stake in China Life, would buy an additional 21.13 percent stake in China Life.
Prior to the board’s announcement, accounting firms KPMG Certified Public Accountants (安侯建業) and BDO Taiwan (立本台灣聯合會計師事務所) had concluded their reviews of the bid on Wednesday.
Photo courtesy of China Life Insurance Co
KPMG had suggested the board to accept an offer at NT$23 to NT$27 per share, and BDO Taiwan had suggested to accept a bid at NT$22.24 to NT$27.18, China Life said in a regulatory filing on Thursday.
A BDO Taiwan accountant surnamed Chou (周) said that CDFHC aims to increase its stake in China Life to boost its return on equity by expanding its operation and asset size, adding that the financial holding’s overall sound condition allows for such a move.
The Fair Trade Commission last week approved the offer, which was publicized on Jan. 8.
CDFHC encouraged China Life shareholders to sell their shares until Tuesday next week, the financial holding said in a statement on Wednesday.
It aims to acquire up to 1 billion shares, or 21.13 percent of China Life shares, CDFHC said. The minimum number of shares it hopes to secure is set at 236.57 million shares, or a 5 percent stake, it added.
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