CITIC Ka Wah considers possible acquisition of HKCB at $3.6-3.8/shr

CITIC Ka Wah Bank Limited (0183) confirmed yesterday that it is in discussions with various parties for possible acquisition opportunities, including The HKCB Bank Holdings Company Limited (0655). Market sources said that CITIC Ka Wah Bank will acquire HKCB Bank at $3.6-3.8 per share, and the total consideration for the acquisition will be $4.865-5.1 billion. The acquisition price of $3.6-3.8 per share has a 12.5-18.75% premium compared to the closing price of HKCB Bank yesterday and a 1.1x premium compared to HKCB Bank's book value.

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