On the 8th September 2026, Public Bank (PBK MK) made a HK$2.50/share Scheme Offer for 73.23%-held Public Financial (626 HK), a 61.29% premium to last close
In Public Financial (626 HK): HK$2.50/Share Will Get This Offer Over The Line, I expected the transaction to be fast-tracked in ~four months, ahead of the 31st March 2027 long-stop.
The Scheme Document is now out, with a 23rd November Scheme Meeting, and expected payment by the the 16th December. The IFA (Somerley) concluded “fair and reasonable“.
Public Financial (626 HK) is super illiquid. Look away now if this is not your bag.
The Trade:
This is done, and should trade tight - but to date, it has not.
Trading wide at a 10.6% spread. Liquidity and headcount test are impacting the spread.
If illiquid arbs are your thing, I’d buy up to HK$2.40/share.