Slovenian major bank NLB has failed in its bid to take over Austrian bank Addiko, NLB announced in a press release yesterday. NLB offered shareholders 22 euros per share.
However, the lead bank aimed to acquire a qualified majority stake and a minimum acceptance of 75 percent of Addiko shares from the outset. However, only 36.4 percent was deposited with the payment and settlement agent by the end of the offer period.
high obstacle
It was clear from the start that the minimum acceptance was a hurdle: after all, Addiko Bank, which was spun off from Hypo Alp, Adria and Balkan banks, has a free float of only 49.2%. Among the largest shareholders are Serbian companies Alta Pay and Diplomat Pay, which together own 19.62% of Addiko Bank.
The European Central Bank has therefore announced that the voting rights attached to these shares will be suspended for the time being. There are also a few institutional investors, including the European Bank for Reconstruction and Development (EBRD).
NLB announced on Tuesday evening: “Therefore, the offer will not be processed and the offer will not be extended in accordance with Article 3 paragraph 3 of the Takeover Law.” Addiko’s board of directors found NLB’s offer financially attractive and spoke to shareholders in favour of accepting the offer.
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