Raiffeisen Bank International cuts acceptance hurdle in Addiko Bank bid

Raiffeisen Bank International (RBI) announced that it has reduced the minimum acceptance threshold for its public takeover offer for Addiko Bank from over 75% to more than 55% of the shares. The move follows a similar step by Slovenia's Nova Ljubljanska banka (NLB), which lowered its own threshold from over 75% to over 50% and extended the offer period.

RBI's offer values Addiko shares at €26.50, while NLB proposes €37 per share, a premium of roughly 28% over RBI's price. As of early July RBI controls about 50.7% of Addiko’s shares, just short of the new 55% target, requiring roughly an additional 4.3% to meet the condition. The deadline for shareholders to accept RBI's offer is 22 July 2024, whereas NLB’s extended acceptance deadline runs until 16 July 2024.

Domestic investor Alta Group, which holds close to 30% of Addiko and backs RBI, could see its holdings transferred to RBI if the latter reaches the threshold. The outcome will shape the future ownership of Addiko’s operations in Bosnia‑Herzegovina, Serbia, Montenegro and other regional markets. NLB aims to integrate Addiko into its group, positioning itself as the largest banking entity in the region.