Fubon, Jih Sun merger receives positive ratings
BENEFICIAL: Fitch Ratings and Moody’s see positives in the deal, with Jih Sun being absorbed by Fubon Financial, which would
be the surviving entity
By Crystal Hsu / Staff reporter
Fubon Financial Holding Co’s (富邦金控) plan to acquire Jih Sun Financial Holding Co (日盛金控) through an unsolicited tender offer would not weaken their credit profiles, and could help both to improve and diversify their income sources, two ratings agencies said.
Fubon Financial, the nation’s second-largest financial holding company by assets, last week announced that it plans to buy more than 50 percent of the common shares of Jih Sun via a tender offer by Feb. 1, and eventually acquire all the shares of Jih Sun.
FSC investigating suspicious spike in Jih Sun shares
By Kao Shih-ching
The Financial Supervisory Commission (FSC) has launched an insider trading probe, after Jih Sun Financial Holding Co’s (日盛金控) shares spiked on the Taipei Exchange before Fubon Financial Holding Co (富邦金控) announced its bid to acquire the firm, FSC Chairman Thomas Huang (黃天牧) said yesterday.
On Monday last week, 13.329 million Jih Sun shares were traded on the Taipei Exchange, 6.27 times more than the average daily trading volume of 2.125 million shares from Dec. 1 to Dec. 11, the exchange’s data showed.
That was four days before Fubon Financial announced that it planned to acquire at least 50 percent of Jih Sun’s shares at NT$13 per share.
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Fubon Financial rejects rumors on Jih Sun deal
SPECULATION: Fubon Financial said if it wanted to help Tomorrow Holding dispose of its assets, it would have acquired it directly, instead of going through Jih Sun
Staff writer, with CNA
Fubon Financial Holding Co (富邦金控) yesterday dismissed speculation that its bid to acquire smaller rival Jih Sun Financial Holding Co (日盛金控) is aimed at helping a Chinese shareholder dispose of his assets for cash.
Fubon Financial said in a statement that before it announced a tender offer on Friday to acquire Jih Sun, it had never made any contact with either of Jih Sun’s two majority shareholders Japan’s Shinsei Bank and Hong Kong-based Capital Target Ltd (建群投資).
Fubon Financial Holdings board agrees to acquire Jih Sun
12/18/2020 10:19 PM
CNA file photo
Taipei, Dec. 18 (CNA) Fubon Financial Holding Co. announced Friday that its board of directors has approved a plan to acquire smaller rival Jih Sun Financial Holdings in what would be the first merger of two domestic financial holding companies.
In a presentation of material information, Fubon said it intends to purchase more than 50 percent of Jih Sun shares at NT$13 (US$0.46) a share through open trading, which would represent a 24.8 percent premium above Jih Sun s average share price over the past month.
The acquisition plan was approved by Taiwan s top financial regulator, the Financial Supervisory Commission (FSC), on Thursday, and would represent the first time ever in Taiwan that one domestic financial holding company acquired another.