(Bloomberg) -- Great Eastern Holdings Ltd.’s independent financial adviser said it supports a S$1.4 billion ($1 billion) offer by Oversea-Chinese Banking Corp. to take full control of the Singapore-based insurer. 

“The financial terms of the offer are, on balance, not fair but reasonable,” EY said in a circular to the board’s independent directors filed to the main bourse Friday. “Taking the factors we have considered, we advise the independent directors to recommend that shareholders accept the offer.”

The independent directors concurred with EY’s assessment and recommended shareholders accept the offer, according to the filing. In a separate statement, OCBC said it will maintain its offer price, for the 11.56% stake in Great Eastern it doesn’t already own, at S$25.60 apiece.

The opinion helps smooth the way for Singapore’s second-biggest bank to take its listed insurance division private at the third attempt, facing down opposition from some minority shareholders. 

EY, which was auditor to Great Eastern for about two decades, was hired to give an independent opinion on the price which some holders argue is below par. OCBC holds more than 88% in Great Eastern, one of the largest insurers in Singapore, and moved to take full control early May. 

--With assistance from Olivia Poh.

(Updates with comment from OCBC in third paragraph.)

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