Bidding War for Addiko Intensifies as Competitors Lower Conditions

The competition to acquire the Austrian bank Addiko is reaching its climax, with both Slovenian bank NLB and Austria's Raiffeisen Bank International (RBI) extending their takeover offers. This comes as both entities are lowering their success conditions in an attempt to secure enough shareholder support.

Initially, both NLB and RBI set a high threshold of 75% of voting rights for their takeover bids. This was intended to facilitate easier consolidation of the acquired company. However, this target has proven elusive for both bidders. RBI is offering 26.5 euros per share, with a potential additional payment tied to the sale of its network in Serbia, Montenegro, and Bosnia and Herzegovina. NLB, meanwhile, has twice raised its offer price, indicating its strong interest in acquiring Addiko.

Despite these adjustments, neither NLB nor RBI has yet guaranteed sufficient support from Addiko's shareholders. The situation is further complicated by the fact that a failure of both bids would be unfavorable for Addiko itself. The outcome of these competing offers is expected to be clearer by the end of July, although final deadlines for acceptance may extend beyond that.