Great Eastern Holdings Limited (GEH) has addressed shareholder concerns regarding the negotiation process for its exit offer with Oversea-Chinese Banking Corporation (OCBC) ahead of its Extraordinary General Meeting (EGM) on 8 July 2025. The company clarified that the indicative range of values for GEH shares, determined by the Independent Financial Adviser (IFA), was shared with OCBC in confidence, asserting that this did not contravene the Singapore Code on Take-overs and Mergers.
The EGM, set to take place at Great Eastern Centre in Singapore, will see shareholders vote on the proposed delisting and exit offer of $30.15 per share. GEH emphasised that the exit offer complies with Rule 1309 of the Singapore Exchange’s Listing Manual, which mandates that such offers be fair and reasonable. Ernst & Young Corporate Finance Pte Ltd, the appointed IFA, has confirmed the offer meets these criteria.
Shareholders had questioned whether sharing the IFA’s indicative values with OCBC could lead to a lower exit offer price. GEH responded that the discussions with OCBC began before these values were available and that the final offer price was an improvement from initial discussions.
The company also highlighted the role of its independent directors in ensuring the offer aligns with shareholder interests. They were actively involved in negotiations and relied on the IFA’s analysis to guide their recommendations. The EGM will determine whether the delisting proceeds or if trading resumes through alternative measures.
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