NLB raises offer for Addiko Bank, challenging Raiffeisen's bid

Slovenia's Nova Ljubljanska Banka (NLB) is intensifying its bid to acquire Vienna-based Addiko Bank, significantly raising its offer to 33.50 euros per share. This move challenges the management of Addiko, which had previously favored a lower offer from rival Raiffeisen Bank International (RBI).

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This is not a declaration of war, but our offer – transparent and clear.

NLB, which has shown interest in Addiko for two years, is now making a substantial increase to its initial bid. Archibald Kremser, NLB's deputy CEO, stated that the new offer is "transparent and clear" and aims to let the "numbers speak." The current offer from NLB is more than four euros higher than RBI's bid of 26.50 euros per share. Addiko's shares were trading at 27.00 euros on the Vienna Stock Exchange at the time of reporting.

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We let the numbers speak.

Addiko Bank originated from the healthy parts of the former Hypo Alpe-Adria bank, which was nationalized. NLB is seeking full control of Addiko, having raised its minimum acceptance threshold to 75 percent of the total voting rights, equivalent to 14,465,357 Addiko shares. This would allow for easier decision-making regarding capital measures, charter amendments, corporate restructuring, and relocation of the company's headquarters.

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The shareholders should decide for themselves. This is not a declaration of war, but our offer – transparent and clear.

Despite a previous challenge where a Serbian shareholder had agreed to Raiffeisen's terms, NLB remains optimistic. Kremser emphasized that the offer is compelling enough for all shareholders, including those in Serbia. He asserted, "As long as the deal is not closed, we are in the race." The Serbian entity Alta Pay, holding approximately ten percent of Addiko, had initially aligned with Raiffeisen, which proposed a carve-out of the Serbian business to its current Serbian owners.

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As long as the deal is not closed, we are in the race.