Primus Financial, which was competing with Chinatrust in acquiring Nan Shan, gave up on its pursuit after Chinatrust raised its bid to T$80 billion ($2.4 billion), said the source,
“Paying that much is suicidal,” the source said, referring to Chinatrust’s offer. Three other bidders, including Primus Financial and China Strategic, the Carlyle Group and Fubon Financial, and Cathay Financial, had offered less than $1.5 billion each, sources close to the companies said last week.
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