Special Situations, Content Strategist, Smartkarma

Crispin Francis

Special Situations, Content Strategist

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Event-Driven

<ul><li>On 29 June 2015, we published a note highlighting the key takeaways from an EGM held earlier in the day - shareholders resoundingly approved the merger between Taiwan Life and CTBC Financial</li><li>We carried out some further analysis post-publication and concluded that the gross spread was actually more attractive than we first made it out to be; the merger ratio is adjusted for CTBC's dividend using a formula found in documents accompany the EGM</li><li>Once we applied this adjustment, the current gross spread become more attractive than we initially thought -&nbsp;we would think about setting up the arb trade, given the likeliness of the deal closing</li></ul>

On 29 June 2015, we published a note highlighting the key takeaways from an EGM held earlier in the day - shareholders resoundingly approved the merger between Taiwan Life and CTBC FinancialWe carried out some further analysis post-publication and concluded that the gross spread was actually more attractive than we first made it out to be; the merger ratio is adjusted for CTBC's dividend using a formula found in documents accompany the EGMOnce we applied this adjustment, the current gross spread become more attractive than we initially thought -&nbsp;we would think about setting up the arb trade, given the likeliness of the deal closing

Taiwan Life / CTBC - Adjusted Merger Ratio creates a decent spread.

On 12 May 2015, after weeks of speculation, it was announced that the CTBC-Taiwan Life Insurance merger&nbsp;is&nbsp;back on. The merger ratio is set at 1.44The shareholders liked this deal - on earlier today (29 June 2015), shareholders voted the deal through&nbsp;The transaction is set to close in Jan 2016&nbsp;<s>Oct 2015</s>, with integration wrapping up by Dec 2015

On 12 May 2015, after weeks of speculation, it was announced that the CTBC-Taiwan Life Insurance merger&nbsp;is&nbsp;back on. The merger ratio is set at 1.44The shareholders liked this deal - on earlier today (29 June 2015), shareholders voted the deal through&nbsp;The transaction is set to close in Jan 2016&nbsp;Oct 2015, with integration wrapping up by Dec 2015

Taiwan Life insurance - Latest Developments

Taiwan

CTBC Financial Holding Company Ltd. is a holding company.  Through its subsidiaries, the Company provides a variety of banking and financial services, including deposit, loan, guarantee, international banking, trust banking, credit card, investment banking, safety deposit box, and Internet banking services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

CTBC Financial Holding (2891 TT)

Taiwan Life / CTBC - Adjusted Merger Ratio creates a decent spread.

On 29 June 2015, we published a note highlighting the key takeaways from an EGM held earlier in the day - shareholders resoundingly approved the...

Crispin Francis

Taiwan Life insurance - Latest Developments

On 12 May 2015, after weeks of speculation, it was announced that the CTBC-Taiwan Life Insurance merger is back on. The merger ratio is set at...

Crispin Francis

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)