Eurobank says takeover bid completed with final 97.99% stake in Hellenic Bank

Eurobank S.A. a subsidiary of Eurobank Ergasias Services and Holdings S.A., announced the completion of the mandatory takeover bid for the acquisition of up to 100% of the issued share capital of Hellenic Bank Public Company Limited, which was submitted on 11 February 2025.

Following the final review and validation of the Acceptance and Transfer Forms, the Offeror acquired an additional 4.525% of the share capital of the Target Company, corresponding to 18,678,262 shares, it said.

This figure revises the preliminary results published on 11 April 2025, which had indicated a provisional acceptance rate of 4.989% (20,593,785 shares). The reduction reflects the rejection of a portion of the shares initially submitted, as identified during the validity checks.

The total percentage of acceptance, when added to the 93.470% (385,847,001 shares) that the Offeror already held at the close of the acceptance period on 9 April 2025, brings Eurobank’s total participation in Hellenic Bank to 97.994% (404,525,263 shares).

Settlement of the consideration for shareholders who accepted the Takeover Bid was completed on 24 April 2025 through the execution of bank transfers and the dispatch of cheques. The relevant securities were transferred off-exchange via The Cyprus Investment and Securities Corporation Limited (“CISCO”).

Further to the 11 April 2025 announcement regarding the results of the Takeover Bid, the Offeror has confirmed its intention to proceed with the exercise of the Squeeze-Out right, pursuant to Article 36 of the Takeover Bids Law of 2007 to 2022, in order to acquire the remaining shares of the Target Company.

The acquisition will be executed at a price of €4.843 per share and is expected to take place within the statutory three-month window from the close of the acceptance period.

(Source: CNA)