Japan’s Shinsei Bank to buy UDC for $762m

Tue, 02 Jun 2020

Japanese financier Shinsei Bank is trying its hand at buying ANZ Bank New Zealand’s UDC Finance unit almost two-and-a-half years after China’s HNA Group was blocked by the Overseas Investment Office. The $762 million sale price is $100 million more than HNA offered in January 2017, although UDC's net assets rose 50 percent between Sept. 30, 2016 and March 31 this year from $424 million to $637 million. The price-to-book ratio of Shinsei's offer is 1.2 times versus the Chinese firm’s 1.6 times. Shinsei’s offer is a $125 million premium to...

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