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China Dev Financial offers US$1.85 bln for KGI

Apr. 9, 2012 (China Knowledge) - Taiwan-based China Development Financial Holding Co said last Friday it proposed to acquire a 50.1% to 100% stake of KGI Securities Co, Taiwan's second-largest brokerage, in cash and stock, valuing the securities broker at NT$54.63 billion or US$1.85 billion.

In a statement, China Development Financial said it plans to offer 1.2 new shares and NT$5.50 cash for each share of KGI Securities, which values the transaction at NT$16.71 per share, 47% higher than KGI Securities' closing price of NT$11.40 last week.

The deal, however, is still subject to regulatory approval.

At the end of February, KGI Securities had 7.7% of Taiwan stock market trading, according to statistics from the Taiwan Stock Exchange.

The securities broker, with more than 3,000 employees and has acquired five brokers in the past ten years, has more than 100 outlets throughout Asia, including Taiwan, Hong Kong and Thailand, sources reported.

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