Taichung Commercial Bank Co., Ltd. cancelled the acquisition of American Continental Bancorp.
October 12, 2023
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Taichung Commercial Bank Co., Ltd. (TWSE:2812) entered into a definitive merger agreement to acquire American Continental Bancorp for $82.1 million on September 30, 2022. TCB will acquire American Continental in a cash transaction valued at approximately $82.1 million or approximately $41.48 per share calculated as of June 30, 2022. The transaction will be financed from Taichung Commercial Bank?s own funds. American Continental?s team will be joining the TCB family. The transaction is subject to TCB obtaining all of the regulatory approvals as well as other customary closing conditions. The board of directors of Taichung Commercial Bank approved the transaction. The transaction is expected to close in early first quarter of 2023. Janney Montgomery Scott LLC acted as financial advisor and Loren P. Hansen, APC acted as legal counsel to American Continental. PricewaterhouseCoopers Financial Advisory Taiwan Ltd. acted as financial advisor and PricewaterhouseCoopers LLP acted as legal counsel to TCB. Henry JC Liu of Ernst & Young Taiwan acted as accountant to Taichung Commercial.
Taichung Commercial Bank Co., Ltd. (TWSE:2812) cancelled the acquisition of American Continental Bancorp on October 13, 2023. The parties have also reached an agreement that TCB will pay termination to company $0.5 million.
Taichung Commercial Bank Co Ltd is a Taiwan-based company mainly engaged in the financial business. The deposit business includes check deposits and cash deposits. The corporate financial business includes corporate finance business, participating loan business and international trade financing business. The consumer financial business includes housing loans, consumer loans and automobile loans. The foreign exchange business includes foreign currency deposits and loans. The wealth management business includes investment and wealth management business. The electronic financial business include online banking, mobile banking, online automated teller machine (ATM) and other services. The trust business includes real estate trust and securities trust business. The investment business includes foreign exchange trading, securities trading and long-term equity investment business. The financial commodity marketing business includes financial operation tools and financial consulting services.