Oversea-Chinese Banking (SGX:O39) Chief Executive Officer Helen Wong met with key shareholders of Great Eastern Holdings who are holding out on the company's offer, blocking a full takeover, Bloomberg reported Friday, citing sources familiar with the matter.
Wong earlier in the month held discussions with Wong Hong Sun and his brother Hong Yen, along with representatives of Lee Thor Seng and his family, longtime shareholders of Great Eastern to secure their support for OCBC's bid to acquire all remaining shares of the insurer, the report said, citing the people.
OCBC has been striving to gain full ownership of Great Eastern for over two decades. In May 2024, the bank made its third attempt with a S$1.4 billion offer to acquire full control of the insurer.
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