On May 14, OCBC made an offer of $25.60 for the 11.56% of GEH it did not own. On June 14, GEH's independent financial adviser (IFA) Ernst & Young stated that OCBC's offer was "not fair but reasonable" and advised the independent directors of GEH to recommend to shareholders to accept the offer.
On June 24, Oversea-Chinese Banking Corporation (OCBC) announced it had received a 1.48 million shares or 0.31% of acceptances from shareholders of Great Eastern Holdings (SGX:G07
) (GEH) on June 24, taking the banking group's total stake to 90.16%. After the close of the offer, under Rule 1105 of the Listing Manual, the Singapore Exchange may suspend GEH until it is satisfied that at least 10% of the total number of shares is held by at least 500 shareholders who are members of the public.
Additionally, under Rule 1303(1) of the Listing Manual, the SGX is likely to suspend trading of GEH when the percentage of shares in public hands falls below 10%, as stated in an announcement by OCBC and posted by GEH on SGXnet.
