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IBF Financial Holdings Co Ltd’s (國票金控) board of directors on Wednesday approved a plan to enter acquisition negotiations with another company, despite two independent directors’ objection, the firm said in a filing to the Taiwan Stock Exchange.
IBF declined to comment on speculation that EnTie Commercial Bank (安泰銀行) is its target, but said that it has signed a confidential memorandum of understanding with the targeted firm, IBF said.
The Company Act (公司法) stipulates that acquisition plans require approval by at least half of the attendees of a board meeting, in which at least half of the board members are present. This suggests