Greece. Eurobank accepts NBG?s buyout offer
2013-02-19 10:57:34
A large majority of shareholders at Eurobank have accepted an all-share buyout offer from larger rival National Bank, clearing the way for a merger to form the country?s biggest lender.
NBG said in a stock market filing on Monday that 84.35 percent of Eurobank?s stockholders accepted its voluntary tender offer, which expired on Friday.
National, advised by Credit Suisse, had offered 58 new shares for every 100 shares of Eurobank. The merger will form Greece?s biggest banking group in terms of loans, deposits and branch network.
The combined entity will have total assets of 174 billion euros, loans of 113 billion and deposits of 85 billion based on their financial statements at end-September 2012 along with a significant presence in Turkey, Romania and Serbia.
The merger is expected to produce cost savings of up to 630 million euros per year after the end of 2015.