Taiwan-based CTBC Financial Holding is mulling to buy a 19.99% stake in ABC Life Insurance in a transaction valued at TWD8.5bn ($258.8m).

CTBC said that although the deadline to seal deal has expired, it would continue to negotiate with ABC Life Insurance.

The discussion is likely to complete before the end of this year.

CTBC initially announced the acquisition plan in August 2014; however, the schedule for the takeover lapsed due to disagreement between the management of ABC Life and King Dragon Life Insurance Co.

CTBC Life chief strategy officer Yeh Po-heng said that the company is currently renegotiating contract terms with ABC Life Insurance, but declined to give details while talks remain under way.