By Sherry Qin
Hang Seng Bank's independent board committee and financial adviser recommended shareholders to support HSBC Holdings' take-private offer, paving way for a major buyout.
The Hong Kong lender's independent board committee and independent financial adviser viewed the proposal as "fair and reasonable," and recommended shareholders to vote in favor of it, they said in a filing to the stock exchange early Monday.
HSBC, which owns a 63% stake in Hang Seng Bank, said in October that it planned to buy out other shareholders in the Hong Kong lender and take it private.
The British lender confirmed its offer price of 155 Hong Kong dollars a share, equivalent to US$19.91, for Hang Seng Bank, in a separate filing to the stock exchange early Monday, and said the price was "final and will not be raised under any circumstances."
HSBC's cash offer for the remaining Hang Seng Bank shares that it doesn't already own is expected to total about US$13.6 billion.
Write to Sherry Qin at sherry.qin@wsj.com
(END) Dow Jones Newswires
December 14, 2025 21:06 ET (02:06 GMT)
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