This valuation is based on CIMB Group and RHB Cap's book values of RM4.28 and RM6.97 as at June 30. It has been speculated that the reason for the deal to be structured in such a way as for the RHB group, which is the smaller entity, to take over CIMB Group is because it was easier to get shareholder approval. "Since RHB Cap was acquiring, it would need approval of only 50% plus one share. If RHB Cap was being acquired, then the requirement for shareholder approval is 75% and it would be tough for the deal to happen," said an analyst. At CIMB Group's P/BV of 1.7 times, this values CIMB Group's merger consideration at RM60.58bil. Meanwhile, at 1.5 times, RHB Cap's merger consideration is valued at RM25.8bil.