Great Eastern says no takeover rules broken in OCBC offer process

It added that the final offer was higher than the prices first discussed.

Great Eastern Holdings (GEH) said the price of the per share exit offer did not break any takeover rules and defended the process by OCBC, ahead of a key vote on its proposed delisting on 8 July 2025.

The range was US$23.5 to US$29.35 (S$30.10 to S$37.63) per share. GEH said this did violet any regulations, since OCBC is the offeror and the information was shared in confidence.

It added that the final offer was higher than the prices first discussed. GEH confirmed it shared a valuation range from its independent adviser, Ernst & Young, with OCBC during negotiations.

Some shareholders questioned whether the offer reflects GEH’s recent performance.

In the first quarter of 2025, new business embedded value rose 19% to US$116.1m (S$148.8m), whilst profit grew 13% to US$269.5m (S$345.5m).

But GEH said the valuation used in the offer was based on full-year 2024 figures, and it doesn’t update embedded value mid-year.

The board is not pushing shareholders to vote either way and said it won’t commit to other options like a selective capital reduction, which could cut its capital by nearly US$702m (S$900m).

GEH shares have been suspended for nearly a year due to low public ownership.

OCBC, which owns 88.4% of GEH, has said it won’t raise its offer or make another one if the current deal fails.

(US$1.00 = S$1.28)