China Development Financial (CDF, TWSE: 2883) previously submitted its application to acquire 1,000,000K common shares (approximately 21.13% of total shares issued) of China Life Insurance Co., Ltd (“China Life”) via tender offer. The Fair Trade Commission (FTC) did not object to the merger and approved the application on January 20th, 2021.
CDF’s Board of Directors previously resolved on tender offer conditions including tender offer price of NT$23.6 per share, maximum purchase volume of 1,000,000K common shares (approximately 21.13% of total shares issued), and minimum purchase volume of 236,570K shares (approximately 5% of total shares issued). The tender offer period is January 8th, 2021 to February 2nd, 2021. Both minimum purchase volume achievement and FTC approval prior to the end of the tender offer period are required for the tender offer to be deemed fulfilled.
CDF reiterates that the FTC has approved the tender offer as of today and tenderer applications are currently being collected. China Life shareholders are welcome to participate before the deadline of February 2nd, 2021.