Raiffeisen Gains Addiko Bank Support Over NLB’s Higher Takeover Offer
Overview of Addiko Bank’s Position in the Takeover Battle
VIENNA, May 27 (Reuters) - Austria's Addiko Bank came out in support of Raiffeisen Bank International's takeover bid on Wednesday, despite a higher offer from rival suitor Nova Ljubljanska banka, citing a more certain payout.
Competing Offers: NLB vs. Raiffeisen
• Nova Ljubljanska banka (NLB) has bid 29 euros ($33.77) per-share, or 566 million euros in total, more than Raiffeisen Bank's (RBI) 26.50 euros per-share offer
Addiko’s Stance on NLB’s Bid
• Though Addiko said it would neither recommend nor discourage its shareholders from selling shares to NLB, it added the suitor was lacking pledges of support from major NLB investors and was facing regulatory hurdles in Croatia
Takeover Offer Conditions and Timeline
• Both takeover offers are subject to a 75% acceptance threshold, which may be lowered to 50%, and they both run until July 22
• RBI this month raised its offer to 26.50 euros per share, up from 23.05 euros earlier
($1 = 0.8587 euros)
Reporting and Editorial Credits
(Reporting by Alexandra Schwarz-GoerlichWriting by Ludwig BurgerEditing by Linda Pasquini)