Malaysian lender, EON Capital, has approved Hong Leong Bank’s $1.7 billion takeover offer, The Wall Street Journal reports. The offer was accepted by the bank after Hong Leong agreed for a $105 million dividend payout. The deal still seeks approvals from the Securities Commission Malaysia and the central bank, Bank Negara Malaysia.
Primus Pacific Partners, a Hong Kong-based investment fund that owned a 20.2% stake in EON, had opposed the takeover offer and filed a suit, declaring the planned takeover by Hong Leong Bank illegal. The suit was later dismissed by the Malaysian High Court.
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