Primus' suit against Hong Leong rejected
Primus Pacific Partners’ attempt to thwart Hong Leong Bank from taking over Malaysian banking lender EON Capital has been officially rejected by domestic courts, coming almost a year after Primus lodged the suit on the grounds that Hong Leong’s $1.6 billion bid was against shareholders’ interest.
According to a Reuters report, if Hong Leong acquires EON the merged entity could create the country's fourth-largest lender.
News that Primus looked to sell EON surfaced in January of last year. Since that time, Primus has twice rejected Hong Leong Bank, first in February 2010 with its initial $1.4 billion offer and then its second $1.6 billion figure.
Earlier this week China Construction Bank was also said to be eyeing a stake acquisition in EON, and reportedly sent a letter of interest to the Malaysian central bank seeking permission to court EON's backers for the sale. Its offer is said to rival Hong Leong's bid.
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