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HANG SENG BANK Privatization Talks Last Mths & Accelerate in Sep w/ 3 Rounds of Price Hikes: Wire
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HANG SENG BANK (00011.HK) stunned the market yesterday when HSBC HOLDINGS (00005.HK) offered a 30% premium to take it private. HSBC HOLDINGS made its privatization proposal to HANG SENG BANK's board in early September, and the deal became its largest transaction in decades within just about four weeks, Bloomberg reported, citing sources. It is understood that the advisory teams even worked through the Mid-Autumn Festival holiday, ultimately raising the offer price three times. Sources also revealed that the talks began several months ago and accelerated last month. Most of the talks were handled by a group of bankers from Morgan Stanley, Goldman Sachs, and Bank of America. AAStocks Financial News |
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