FEBTCFar East Bank and Trust Company (Philippines)
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"Under the terms of a definitive merger agreement approved by the boards of both companies...each share of stock of FEBTC will be converted into 0.6992 share of common stock of BPI," the statement said.
Based on the BPI's closing price, the exchange ratio represents a 29.6% premium to the average price of FEBTC over the last month.
"On the basis of the exchange ratio, BPI shareholders will own two-thirds of the combined bank, and FEBTC shareholders, one-third," it said.