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Latest News
Hong Leong Bank Modifies Terms Of Offer To Acquire EON Cap
News From : DagangHalal.com (6/22/2010)

KUALA LUMPUR, June 21 (Bernama) -- Pursuant to various discussions with EON Capital Bhd, Hong Leong Bank Bhd (HLBB) said, it had clarified and modified certain terms of its offer with regard to the proposed acquisition of the entire assets and liabilities of EON Cap.

Among others, HLBB said it reserved the right to withdraw the offer if all approvals from Bank Negara Malaysia, the Minister of Finance, the shareholders of EON Cap and HLBB and the Securities Commission were not obtained by August 15.

In terms of the timeline of the offer, the bank said in a filing to Bursa Malaysia Monday, that EON Cap shall accept the offer no later than one business day, after the last of the approvals is obtained.

HLBB shall pay a deposit of RM25 million to its solicitors within two business days of receipt of the acceptance of the offer by EON Cap while the completion date for the transfer of the assets and liabilities of EON Cap shall be within 30 days after receipt by HLBB of the acceptance of the offer.

In terms of payments, it said there should be no reduction in compensation and benefits of the employees of EON Bank and its subsidiaries, from the date it becomes a subsidiary of HLBB for a period of one year from the completion date.

HLBB also agreed to EON Cap's request to continue with the occupation of its current office premises on the 12th Floor of Menara EON Bank without any rental charges, for a period of up to 12 months from the date of EON Cap's acceptance of the offer.


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