Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<p>Taiwan-based Financial Services group <a href="https://www.smartkarma.com/entities/waterland-financial-holdings" target="_blank" data-smartkarma-citation="entities:7895:1" rel="noopener">IBF Financial (2889 TT)</a> ("<strong>IBF</strong>") and <a href="https://www.smartkarma.com/entities/entie-commercial-bank" target="_blank" data-smartkarma-citation="entities:6756:1" rel="noopener">Entie Commercial Bank (2849 TT)</a> ("<strong>EnTie</strong>") signed a Share Swap Agreement according to which IBF will acquire 100% of EnTie in a cash-and-scrip deal worth approximately NT$33bn (~US$1.2bn). </p><p>EnTie shareholders will receive <em>NT$9.466730 in cash and 0.493344 IBF preferred shares</em> per EnTie Share. IBF is expected to issue new common shares to raise funds for the cash portion of this Deal and will also issue new preferred shares to fulfil the scrip portion of this Deal.</p><p>The Deal is conditional on approval from the shareholders of both companies. With the record date for the shareholder voting approaching, this Deal is currently facing some hurdles. </p><div><p><em>More below the fold. </em></p></div><hr><div><div><div class="content-remarks"><p><em>For more information about M&amp;A rules, regulations, and practices in Australia, please refer to <a href="https://www.smartkarma.com/insights/quiddity-taiwan-m-a-guide-2019" target="_blank" data-smartkarma-citation="insights:30640" rel="noopener">Quiddity Taiwan M&amp;A Guide 2019</a></em></p></div></div></div>

Taiwan-based Financial Services group IBF Financial (2889 TT) ("IBF") and Entie Commercial Bank (2849 TT) ("EnTie") signed a Share Swap Agreement according to which IBF will acquire 100% of EnTie in a cash-and-scrip deal worth approximately NT$33bn (~US$1.2bn). EnTie shareholders will receive NT$9.466730 in cash and 0.493344 IBF preferred shares per EnTie Share. IBF is expected to issue new common shares to raise funds for the cash portion of this Deal and will also issue new preferred shares to fulfil the scrip portion of this Deal.The Deal is conditional on approval from the shareholders of both companies. With the record date for the shareholder voting approaching, this Deal is currently facing some hurdles. More below the fold. For more information about M&amp;A rules, regulations, and practices in Australia, please refer to Quiddity Taiwan M&amp;A Guide 2019

EnTie (2849 TT) - IBF (2889 TT): US$1.2bn Cash & Scrip Deal Far From Done

Taiwan

Tze Shin International Co., Ltd. operates in container transportation.  The Company also invests in real estate development and gas station operation.

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Tze Shin International (2611 TT)

EnTie (2849 TT) - IBF (2889 TT): US$1.2bn Cash & Scrip Deal Far From Done

Taiwan-based Financial Services group IBF Financial has announced plans to acquire 100% of Entie Commercial Bank in a NT$33bn (~US$1.2bn) cash-and...

Janaghan Jeyakumar, CFA

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