icbc-in-bid-to-acquire-thailands-acl-bank

ICBC in bid to acquire Thailand's ACL Bank

ICBC, mainland China's largest lender by market capitalisation, agrees to pay up to $545 million for Thailand's ACL Bank and launches its first-ever tender offer.
October 01, 2009

The Industrial and Commercial Bank of China ICBC has launched a bid to buy 100% of Thailand's ACL Bank for Bt18.29 billion $545 million.

ICBC agreed on Tuesday to buy 19.26% of the outstanding shares of ACL Bank from Bangkok Bank for Bt3.52 billion. The price translates into Bt11.5 per share, which represents a 15% premium to the closing price of ACL Bank on the Thailand Stock Exchange SET on Tuesday. ICBC will now make a tender offer to acquire the remaining equity and preference shares of ACL at the same price.

The total outlay for ACL Bank's 1.09 billion equity shares and 501 million preference shares will be Bt18.29 billion. ICBC will fund...

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