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Cathay Completes Tender Offer

TSC and IRIS Staff

Cathay General Bancorp(CATY), the holding company for Cathay Bank, said it completed the tender offer for all of the shares of common stock of Great Eastern Bank on April 6.

The Los Angeles-based company accepted 1.44 million shares of Great Eastern Bank that had been tendered and not withdrawn as of the expiration of the offer, representing about 83.6% of the shares outstanding.

Under the terms of the offer, holders who receive Cathay common stock will receive 1.5436 shares of Cathay common stock for each share of Great Eastern Bank common stock owned by them and holders who receive cash will receive $58.44 in cash.

The Great Eastern Bank will be merged with and into Cathay Bank on obtaining all regulatory approvals and following the expiration of any applicable waiting periods.