Tuesday, June 8, 2010

Hong Leong Bank: No change in offer for EON Cap

KUALA LUMPUR: HONG LEONG BANK BHD [] says there is no change in its offer in the takeover of EON CAPITAL BHD [].

It said on Tuesday, June 8 the offer, which was set out on April 2, would be maintained.

Hong Leong Bank also said it had on June 4 submitted an application to Bank Negara for an extension of time.

The Edge had recently reported that EONCap's shareholders would seek an extension of time from BNM for HLBB's offer as the banking regulator had given them until end-June to be in talks.

Hong Leong Bank had offered RM5.06 billion for the assets and liabilities of the country's seventh-largest bank.

The offer translating into RM7.30 per share is at 1.43 times book value based on EONCap's shareholders' fund of RM3.55 billion as at Dec 31, 2009 ' higher than Hong Leong Bank's previous offer of 1.39 times.

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