Eurobank announced the increase of its holding in Hellenic Bank to 55.3% and the submission of a takeover bid to the shareholders of Hellenic Bank.
Following the receipt of the relevant regulatory approvals, Eurobank purchased a total 26.1% stake (107,694,301 shares) in Hellenic Bank Public Company Limited for a total consideration of 275.7 million euros, i.e. a price of 2.56 euros per share. More specifically:
- 71,428,572 shares (17.30%) from Poppy S.à.r.l. for a total consideration of ca. 182.9 million;
- 6,555,717 shares (1.59%) from funds managed by Senvest Management LLC for a total consideration of ca. 16.8 million;
- 28,023,767 shares (6.79%) from Wargaming Group Limited for a total consideration of ca. 71.7 million;
- 857,142 shares (0.21%) from the Provident Fund for the Executive Directors of Wargaming Group Limited for a total consideration of ca. 2.2 million; and
- 829,103 shares (0.20%) from the Provident Fund for the Senior Management Personnel of Wargaming Group Limited for a total consideration of ca. 2.1 million.
Prior to the Transaction, Eurobank directly held 120,559,360 shares, representing 29.20% of the total issued share capital of Hellenic Bank. Following the Transaction, pursuant to Articles 13 and 6(2) of the Takeover Bids Law of 2007, Eurobank announces the submission of a Mandatory Takeover Bid to the shareholders of Hellenic Bank for the acquisition of up to 100% of the issued share capital of Hellenic Bank.
The consideration offered for the acquisition of the shares of Hellenic Bank is 2.56 euro/share, paid in cash to all the shareholders who will accept the Takeover Bid.
On the date of this announcement, the total issued share capital of Hellenic Bank consists of 412,805,230 ordinary shares of nominal value 0.50 euros each. The Offeror, following the Transaction, directly holds 228,253,661 shares representing 55.3% of the total issued share capital of Hellenic Bank. No Shares are held by any persons who are considered by the Law as acting in concert with the Offeror and there are no indirect participations related to the Offeror. As the Offeror holds more than 50% of the voting rights, the Takeover Bid is unconditional.
Axia Ventures Group and Citigroup Global Markets Europe AG acted as financial advisors to Eurobank in connection with the Transaction while Milbank LLP, Ioannides Demetriou LLC, Elias Neocleous & Co LLC and PotamitisVekris Law Firm provided legal advice.
