OCBC Defiant On Wing Hang Offer Despite Elliott’s Stake

In its securities filing Tuesday, OCBC, Singapore’s second-biggest bank by assets, disclosed a voluntary “no price increase” statement complicating its offer for Hong Kong lender Wing Hang Bank, Limited (HKG:0302) (OTCMKTS:WGHGY). OCBC’s latest disclosure threw down the gauntlet to U.S. hedge fund manager Elliott Management Corp, which took a nearly 8% stake in Wing Hang. OCBC’s month-long efforts Singapore’s Overseas-Chinese Banking Corp made an offer to acquire Wing Hang Bank, Limited (HKG:0302) (OTCMKTS:WGHGY) shares at HK$125 apiece. The offer was conditional on its receipt of enough acceptances to lift its Wing Hang stake above 50%. According to the regulatory filing, the…