“We will be issuing a statement on this matter in due course,” a Great Eastern spokesperson said in response to queries from Bloomberg News. EY declined to comment.
The opinion of the independent financial adviser for this deal would be under scrutiny, given this is the third time OCBC is trying to take the insurer private amid some opposing minority shareholders. The Great Eastern board has to publish the IFA opinion to the company’s shareholders so that they can make an informed decision on the offer.
OCBC, Southeast Asia’s second-largest bank, made offers over the years to increase its stake in Great Eastern, first in 2004 followed by 2006.
For both past attempts by OCBC, Morgan Stanley had advised Great Eastern. In 2004, the US bank said that OCBC’s offer was adequate but not compelling.
