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Austria's Raiffeisen Bank International (RBI) has reached the minimum acceptance threshold for its takeover bid for Vienna-based Addiko Bank, but rival bidder, Slovenia’s NLB, is continuing its campaign to attract shareholders before both offers expire on July 29, RTV SLO reported on July 22.
RBI said it had received acceptances for 10,703,509 shares by the morning of July 20, representing 55.5% of the Addiko shares subject to the offer and exceeding the 55% threshold required for the bid to succeed.
However, shareholders who have already accepted RBI's offer can still withdraw their acceptance until July 23 and tender their shares to NLB instead. RBI said that as of July 20, no withdrawal statements had been received.
The takeover contest remains open, with NLB saying at least 28.9% of Addiko's share capital had already committed to its offer.
"More and more international investors are expressing confidence in NLB's offer," the Slovenian bank said.
NLB is offering €37 per share, less any future dividend payments, following two increases to its bid. The offer represents a 39.6% premium over RBI's €26.50 per share offer. To improve its chances of success, NLB has lowered its minimum acceptance threshold from 75% to 50% plus one share.
The Slovenian lender has also secured backing from several major shareholders. Brandes Investment Partners, which owns just over 5% of Addiko, the European Bank for Reconstruction and Development (EBRD), with an 8.4% stake, and Wellington Management, which holds 5.7%, have all announced support for NLB's offer. NLB also said Addiko supervisory board vice-chair Johannes Proksch had decided to tender his shares under its bid.
The two banks are pursuing different strategic goals. RBI aims to re-enter the Slovenian banking market, while NLB sees the acquisition as a way to strengthen its regional presence and expand into Croatia through Addiko's existing operations.
Addiko Bank operates subsidiaries in five Southeast European markets — Croatia, Slovenia, Bosnia and Herzegovina, Serbia and Montenegro — focusing primarily on consumer and SME banking.
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