Addiko Bank Board Withdraws Raiffeisen Recommendation Amidst Improved NLB Offer

Addiko Bank's board has withdrawn its earlier recommendation supporting an acquisition by Raiffeisen Bank International (RBI). This move comes after the Slovenian Nova Ljubljanska Banka (NLB) significantly improved its takeover bid, surpassing RBI's offer.

The situation marks a fierce bidding war on the Vienna Stock Exchange, reminiscent of previous major acquisitions. Both RBI and NLB are vying to take over Addiko Bank, which originated from the former Balkan business of Hypo Alpe Adria and is headquartered in Vienna. Its presence, particularly in Serbia and Croatia, has long attracted market interest.

Initially, in May, the Addiko board, led by CEO Herbert Juranek, had stated that both offers were attractive. However, they noted that NLB's success seemed uncertain due to a lack of commitments from major shareholders and potential regulatory hurdles in Croatia. Conversely, they considered the success of RBI's offer sufficiently probable.

However, NLB subsequently raised its offer from 33.50 Euros to 37.00 Euros per share, outbidding RBI's offer of 26.50 Euros per share. RBI had secured a firm commitment from Addiko shareholder Alta Pay, a Serbian investor.

In response to NLB's improved offer, the Addiko board and supervisory board issued a revised statement. They retracted their recommendation for RBI and adopted a neutral stance, advising shareholders to neither accept nor reject RBI's offer. The board cited the improved NLB offer as the reason for this change.

Furthermore, Addiko's management is taking more time to decide on their personal shareholdings. "Members of the Management Board and Supervisory Board who personally hold Addiko shares reserve the right to decide at a later date whether and when they will tender their personally held Addiko shares into the RBI offer or the NLB offer," the statement read. This indicates a cautious approach from the management amidst the evolving situation.

While Raiffeisen has made agreements to sell parts to Alta Pay, NLB aims to enter the Croatian market. Interested parties have until July 16, 2026, to withdraw their bids, with the final deadline for tendering shares set for July 22, 2026, at 5 p.m.