NLB raises offer for takeover of Addiko Bank by 10%

Nova ljubljanska banka (NLB), which officially launched the offer for the takeover of Addiko Bank in early June, has now raised the offer by 10%.

The Slovenian banking group now offers EUR 22 per share of Addiko Bank, the press release published on Monday says. The price includes the 2024 dividend, and the new offer means that the bank is estimated at EUR 429 million.

The new price is 15.8% higher than the price of Addiko’s shares of May 14, when NBL’s intention to take over the bank was announced. It is also a premium of 45.2 % compared to the closing share price of EUR 15.15 on March 22, 2024, the last closing share price prior to Agri Europe Cyprus Limited’s announcement on March 25, 2024, that it intended to launch a partial tender offer for shares in Addiko for EUR 16.24 cum dividend.

NLB announced the takeover offer on June 7. The offer is valid until August 16. The Slovenian bank wants to take over at least 75% of the shares of Addiko Bank.

During the previously organized press-conference, Blaz Brodnjak, NLB’s CEO, and Archibald Kremser, a member of the NLB board, said that the acquisition of a 75% stake in the capital of Addiko Group was a non-negotiable condition. That detail is repeated in the new press release.

Nova ljubljanska banka

NLB

Addiko bank

Agri Europe Cyprus

Archibald Kremser

takeover of Addiko bank

shares of Addiko bank