China Life takeover this year, China Development saysBy Kao Shih-ching / Staff reporterChina Development Financial Holding Co (中華開發金控) on Thursday said that it is seeking to complete the takeover of China Life Insurance Co (中國人壽) by the end of this year by acquiring all remaining shares of the firm via a share swap. The companies’ boards of directors approved the proposed share swap, in which one common share of China Life would be exchanged for 0.8 common shares of China Development, plus 0.73 preferred shares of China Development and a cash bonus of NT$11.5 per share, they said. China Development would issue 2.07 billion new common shares and 1.89 billion new preferred shares that would be exchanged for China Life’s common shares, they said. Through two tender offers completed in September 2017 and in February this year, China Development boosted its stake in China Life to 55.95 percent. Based on China Life’s closing share price of NT$26.9 and China Development’s share price of NT$13.85 on Thursday, China Development has offered a premium of 17.3 percent for China Life shares, Chang said.

Source: Taipei Times August 15, 2021 15:56 UTC