The Hellenic Financial Stability Fund (HFSF) announced the launch of the disposal of its stake in Eurobank. More specifically, the HFSF announced its intention to dispose of its entire stake in Eurobank Ergasias Services and Holdings S.A., namely fifty-two million eighty thousand six hundred seventy-three (52,080,673) common registered shares, corresponding approximately to 1.401% of Eurobank’s paid-up share capital and voting rights through a disposal process open to eligible investors (the “Competitive Process”).
The Competitive Process will entail a bidding process which will start on September 25 at 10:30 Greek time and end on October 6 at 17:30. Interested investors should contact UBS.
It is also stated that on September 22, HFSF received an initial binding offer from Eurobank for the acquisition of the shares via a targeted share buy-back which following discussions is set at a price of one euro and eighty cents (1.80) per share and on September 24. HFSF and Eurobank entered into a Conditional SPA for the sale and transfer of the shares, which sale and transfer is subject to: a) the non-selection by HFSF of a preferred bidder through the Competitive Process; and b) the spot price of the Share at the close of trading on the Athens Stock Exchange on the date on which the Competitive Process will end (“Spot Price”) being lower than or equal to the Offer or, in case the Spot Price is higher than the Offer, Eurobank exercising its discretionary option to match the Spot Price. It is noted that the above mentioned do not restrict Eurobank’s right to participate in the Competitive Process. HFSF will assess the Offer (as defined above) along with any eligible investors’ offers when the Competitive Process is concluded, solely based on the value of the bids.
The results of the competitive process are expected to be announced on or around October 6 and the latest 2 hours before the opening of trade on October 9. UBS Europe SE is acting as Disposal Advisor and Lambadarios Law Firm as external legal counsel to HFSF on the transaction. Interested parties should contact the below individuals who will be able to provide all the necessary additional information in relation to the Competitive Process.
