On December 28, 2005 Great Eastern Bank announced that
it has responded to expressions of interest from Cathay General
Bancorp (NASDAQ:CATY) by inviting Cathay to submit by January 4, 2006
a definitive and binding acquisition or merger offer applicable
equally to all Great Eastern shareholders. At the same time, Great
Eastern Bank provided to Cathay all the information previously
requested by Cathay, which Cathay represented to be all the
information needed for the purpose of its due diligence.
Cathay responded to this invitation by requesting additional information and indicating that it would require further due diligence. When contacted, Cathay did not provide details regarding the additional due diligence it would require. However, Cathay has informed Great Eastern that, on January 10, 2006, Cathay will propose a transaction for all of our shareholders which Cathay says will be superior to the terms of the existing Merger Agreement among Great Eastern Bank, United Commercial Bank and UCBH Holdings, Inc. (NASDAQ: UCBH).
Mr. William J. Laraia, President and CEO of GEB, commented that: "If Cathay follows through with its promise to submit a materially superior offer for all of our shareholders on January 10, the offer will be carefully reviewed and evaluated by our Board, and we will then advise our shareholders and take whatever steps are appropriate, consistent with our obligations under the Merger Agreement with UCB. Unless Cathay presents a clear and binding offer, neither our Board nor our shareholders, including those who may have granted options to Cathay, are in a position to know whether or not Cathay's offer would merit a change in our plan to merge with UCB."
Great Eastern Bank is a New York-chartered bank which is a member of the Federal Reserve System. It maintains headquarters in Manhattan, New York and has five branches in New York City.
Cathay responded to this invitation by requesting additional information and indicating that it would require further due diligence. When contacted, Cathay did not provide details regarding the additional due diligence it would require. However, Cathay has informed Great Eastern that, on January 10, 2006, Cathay will propose a transaction for all of our shareholders which Cathay says will be superior to the terms of the existing Merger Agreement among Great Eastern Bank, United Commercial Bank and UCBH Holdings, Inc. (NASDAQ: UCBH).
Mr. William J. Laraia, President and CEO of GEB, commented that: "If Cathay follows through with its promise to submit a materially superior offer for all of our shareholders on January 10, the offer will be carefully reviewed and evaluated by our Board, and we will then advise our shareholders and take whatever steps are appropriate, consistent with our obligations under the Merger Agreement with UCB. Unless Cathay presents a clear and binding offer, neither our Board nor our shareholders, including those who may have granted options to Cathay, are in a position to know whether or not Cathay's offer would merit a change in our plan to merge with UCB."
Great Eastern Bank is a New York-chartered bank which is a member of the Federal Reserve System. It maintains headquarters in Manhattan, New York and has five branches in New York City.