字級縮小
字級縮小
字級放大
字級放大

Latest News

Announces Successful Tender Offer For 25.33% Of China Life

      2017-09-07

China Development Financial (hereinafter “CDF”, 2883 TT/2883.TW) announced a tender offer to acquire 25.33% of China Life Insurance Co. Ltd. (hereinafter “China Life”, 2823 TT/2823.TW) on July 7, 2017. The tender offer began on August 17 and ended on September 6 (the expiry date). Conditions of a successful tender have been met, including the receipt of approval from the Fair Trade Commission on August 23 for the merger, and the acquisition of the minimum tender (25% of outstanding common shares of China Life) being satisfied on September 6. Eddy Chang, the spokesperson of CDF, said today that CDF has successfully acquired 25.33% of China Life, thereby becoming the largest shareholder of the company.
 
Given that the tender offer did not target the acquisition of 100% of China Life, CDF will prioritize share purchases due to the shares tendered of 45.37% exceeded the intended acquisition of 25.33%. Tenders of 1,000 shares or less are given top priority for purchase. For tenders of more than 1,000 shares, CDF will purchase shares according to a determined ratio after deducting the aforementioned prioritized purchase and rounding down by accepting 1,000 shares only. Should any outstanding tenders remain after the above purchase, a random acceptance will be made.
 
Upon satisfactory completion of all tender offer conditions, CDF shall make the payment to the tenderer, via remittance or a bank check, no later than the settlement day (September 13 in this case, which is five trading days after the expiry date of September 6). Excess shares on tender will be returned to the original account of the tenderer on the next trading day (September 7 in this case) of the expiry date from the special account of President Securities Corp.
 
CDF spokesperson, Eddy Chang, pointed out that, upon the completion of the tender offer, CDF will expand its business platform in four key directions, namely venture capital/ private equity, securities, banking and life insurance. The strategic alliance between CDF and China Life will benefit CDF by enabling it to provide not only comprehensive financial services but also localized products to all customers, while also enhancing its EPS and return on shareholders’ equity.

Back

About CDF

China Development Financial Holding Corporation (CDF) was established in 2001 following a share swap managed by China Development Industrial Bank (CDIB). It is the only financial holding company in Taiwan that focuses mainly on industrial banking. Along with its key subsidiaries, CDIB and KGI Securities (KGI), CDF has enjoyed its leading position in the venture capital market and investment banking business in Taiwan.
More