Eurobank announced on June 3 the completion of a €275.7 million acquisition of a 26.1% stake (107,694,301 shares) in Hellenic Bank, following regulatory approval.
The purchase price was €2.56 per share.
With this acquisition, Eurobank now holds a controlling 55.3% stake (228,253,661 shares) in Hellenic Bank.
As a result, Eurobank has launched a mandatory public offer to acquire the remaining outstanding shares of Hellenic Bank, also at €2.56 per share in cash.
The public offer is subject to approval by the Cyprus Securities and Exchange Commission (CySEC).
Eurobank has secured financing from a Cypriot bank to facilitate the offer.
Details on public offer:
- A Public Offer Document will be prepared outlining the offer details in accordance with Cypriot law and CySEC regulations.
- The Public Offer Document requires CySEC approval before being presented to shareholders.
Advisors:
- Eurobank was advised by Axia Ventures and Citigroup Global Markets for the acquisition and Axia Ventures Group and CISCO for the public offer.
- Legal support for the acquisition was provided by Milbank, Ioannides Demetriou, Elias Neocleous & Co, and Potamitis Vekris Law Firm.
- CISCO will act as the Receiving Agent for the public offer.
