China Development Financial Holding Corp. (2883.TW) said it sent a letter to Polaris Securities Co. (2854.TW) seeking closer cooperation with the brokerage, and denied market chatter it is preparing to launch a takeover bid for the company, according to a statement on Taiwan's stock exchange website Monday evening.
However, an Economic Daily News report Tuesday cited unnamed sources as saying China Development Financial is planning to acquire Polaris Securities and hopes to pay 10% more than the current valuation of the company, or roughly NT$20.00 per share.
Polaris Securities said Tuesday it had no comment on the letter or the market chatter.
China Development Financial is the owner of Taiwan's largest venture capital company, China Development Industrial Bank.
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