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The public offer for the acquisition of Hellenic by Eurobank begins

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The Acceptance Period for shareholders begins on July 1, 2024 and ends on July 30, 2024 – At 2.56 euros per share

Ξεκινà η δημoσια π&rho τσηεαοτληκσ τη Eurobank

Ξεκι&nu ;δηπρηερσε λληνικαπτη Eurobank

By Panagiotis Rougalas

The Public Offer of Eurobank for the acquisition of all the shares of Hellenic Bank has officially started, after the Public Offer document was approved by the Capital Market Commission Cyprus.

According to the official details of the approved Proposal, Hellenic shareholders will have 4 weeks to decide whether to “press the button” to sell their shares. The Acceptance Period of Eurobank's Public Offer to the shareholders of Hellenic Bank begins on July 1, 2024 and ends on July 30, 2024, while Eurobank will proceed to acquire shares at a price of €2.56 during stock market meetings.

Based on the Public Offer Document, the consideration offered to Hellenic Bank shareholders who will accept the Public Offer is €2.56 per share payable in cash. The proposed consideration of €2.56 per share is a 3.03% discount on the closing price of the share on the day preceding the announcement of the Public Offer and a premium of 14.84% on the average closing price for 12 months preceding the announcement of the Public Offer. Also, according to the elements of the Proposal, the proposed consideration is at a discount of 33.91% in relation to the net asset value per share of Hellenic Bank according to the unaudited condensed interim consolidated financial statements for the quarter ended on March 31, 2024.

The shares it owns

On the date of the announcement, Eurobank already directly owns 229,029,857 shares, i.e. 55.48% of of issued share capital of Hellenic Bank. Therefore, according to the relevant provisions of the Law, the Public Offer is considered successful and consequently it is obliged to acquire all the shares of Hellenic that will be offered to it based on the terms of this Public Offer.

Source: www.kathimerini.com.cy

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