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HANG SENG BANK Receives Privatization Proposal from HSBC; IBC Set up for Review
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HANG SENG BANK (00011.HK) announced that it had received a privatization proposal from The Hongkong and Shanghai Banking Corporation Limited, intending to privatize Hang Seng Bank through a scheme of arrangement. If the Scheme becomes effective, the Scheme Shares will be cancelled in consideration for the Scheme Consideration of HK$155 in cash (less the Dividend Adjustment Amount, if any) for every Scheme Share held. Hang Seng Bank Shareholders will receive the 2025 Third Interim Dividend which will not be deducted from the Scheme Consideration. All other dividends declared by Hang Seng Bank after the date of this announcement with a record date before the Scheme Effective Date will be deducted from the Scheme Consideration. The Hang Seng Bank Board had formed the Hang Seng Bank Independent Board Committee (IBC) (all being independent non-executive directors of Hang Seng Bank). The Hang Seng Bank IBC will make a recommendation as to whether the Proposal is, or is not, fair and reasonable and as to voting. The Hang Seng Bank IFA will be appointed by the Hang Seng Bank Board (with the approval of the Hang Seng Bank IBC) in due course to advise the Hang Seng Bank IBC on the Proposal. The Proposal is subject to certain conditions precedent, including, amongst others, the requisite approval of the Scheme at the Hang Seng Bank Court Meeting by the Scheme Shareholders, and the sanctioning of the Scheme by the High Court. AASTOCKS Financial News Website: www.aastocks.com |
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