Primus-backed EON sets vote date for Hong Leong bid
Primus Pacific Partners-backed EON Capital Bhd., a Malaysian lender, has been given until August 19 to decide on its acquisition by Hong Leong Bank, which launched a $1.6 billion bid for the company.
Hong Leong Bank, Malaysia's sixth-largest lender, made a $1.46 billion cash offer in January in an effort to create the country's fourth-largest banking group. Its augmented $1.6 billion deal process was delayed last month after Primus Pacific Partners, the single biggest stakeholder in EON Capital, launched a lawsuit to block the buyout offer, claiming it was against shareholders' interests. In turn, Hong Leong said it would withdraw its bid if it does not receive shareholder approval by mid-August.
EON's shareholders rejected Hong Leong initial offer in February after labeling its price tag as too low. According to reports, even at the higher price, Primus stands to receive less than it paid for its 20% stake in 2008. Malaysian SWF Khazanah Nasional Bhd and its Employees Provident Fund are also significant investors in EON.
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