Bank of East Asia, whose performance has been criticized by activist investor Elliott Management, has received about five final bids for its share registry business Tricor Holdings, including from Vistra Group and private equity firm Permira, people familiar with the matter told Reuters.
Ping An Insurance Group of China and Australia’s Link Market Services are the other suitors that have placed final bids for the business that is valued at about $800 million, the people added.
Final bids for the business, that generated about $55 million in earnings before interest, tax, depreciation, and amortization, were due last week.
Bank of East Asia, Ping An, Link and Permira declined to comment. Baring Asia Private Equity, which owns Vistra, also declined to comment. Sources declined to be identified as the discussions are confidential.