Yuanta Financial evaluates bid for Jih Sun Financial

Yuanta said in a filing to the Taiwan Stock Exchange Wednesday its board approved Tuesday an invitation from Jih Sun’s financial adviser Goldman Sachs Group Inc. to join in the bidding. “It’s still in a negotiation stage, and so far, no official talk or results have been reached,” the statement said.

Jih Sun advanced to a three-week high in Taipei trading after the Commercial Times said Yuanta plans to buy Jih Sun.

Jih Sun rose 18 NT cents, or 2.5 percent, to NT$7.38 at the 1:30 p.m. close, the highest since June 2. Yuanta gained NT$1, or 4.4 percent, to NT$24, after falling as much as 1.1 percent in early trade. The benchmark Taiex index advanced 1.5 percent.

Yuanta may offer as much as NT$10 for each Jih Sun share, the Taipei-based newspaper said, without citing anyone. That values the brokerage at NT$21.7 billion (US$713 million).

Jih Sun Vice President Clemens Chung said he “wasn’t aware” of the report.

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