GE, SAC exit Taiwan’s Cosmos Bank
GE Capital and SAC Capital will exit Taiwan’s Cosmos Bank to domestic financial services conglomerate China Development Financial Holding Corp. The announcement of the NT$23.1 billion ($762.4 million) deal, which was priced below market value, saw Cosmos shares close down 4.2% on Tuesday.
According to a regulatory filing, Development Financial will pay NT$13.40 per share for all outstanding shares in the bank, a discount of 2.6% to the Monday closing price. SAC owns 57.09% of the business...
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