In Public Financial (626 HK) Halted: Public Bank (PBK MK) Takeover Expected, I speculated Public Bank (PBK MK) may make a HK$2.50/share Scheme Offer for 73.23%-held Public Financial (626 HK).
And that is what unfolded. It’s a 61.29% premium to last close. The Offer price is final. Dividends will be netted.
I don’t see why this transaction cannot be fast-tracked in say, four months, well ahead of the 31st March 2027 long-stop.
Public Financial (626 HK) is super illiquid. Look away now if this is not your bag.
The Trade:
This is done, and will trade tighter than other Schemes.
I’d buy up to HK$2.40/share, for a 4.2%/13% gross/annualised return, assuming a four-month off-ramp.