NLB launches takeover bid for Balkans-active Addiko Bank

The offer price per Addiko share will be reduced by any declared dividends before settlement, meaning if a 1.0 euro dividend is declared, the offer price will be adjusted to 19.0 euro per share, NLB said in a filing with the Ljubljana Stock Exchange on Friday.

The offer requires that the bidder receive acceptance declarations for at least 75% of the total 19.5 million Addiko shares by the end of the acceptance period, set on August 16, NLB said.

The largest single shareholder of Addiko as of June 6 was Agri Europe Cyprus with 9.99%, followed by DDM Invest III AG (Switzerland) with 9.90%, Alta Pay Group with 9.63%, US-based Wellington Management Group LLP with 8.85% and EBRD with 8.40%.

In May, NLB said it intends to launch an all-cash voluntary public takeover offer for Addiko Bank. The offered share price implies a premium of 22.15% compared to the six-month volume-weighted average share price of 16.37 euro and of 4.99% compared to the stock market closing price as of May 15, 2024, the Slovenian bank said back then.

Addiko Bank emerged from the eastern European business of failed Austrian lender Hypo Alpe Adria and was acquired by private equity firm Advent International and the European Bank for Reconstruction and Development (EBRD) in 2014. Addiko, which was listed on the Vienna Stock Exchange in 2019, is active in Bosnia and Herzegovina, Croatia, Montenegro, Serbia and Slovenia.

Addiko's shares traded 0.5% higher at 20.20 euro by 12:19 CET on Monday on the Vienna Stock Exchange. NLB’s shares traded 0.85% higher at 118.0 euro by the same time on the Ljubljana Stock Exchange.

($ = 0.93042 euro)