BinckBank to focus on Saxo Bank’s offer for its shares

Maria Nikolova

Saxo Bank’s planned all-cash public offer of €6.35 per share to be in the focus of BinckBank.

BinckBank, which in December announced an agreement for an offer for its shares by multi-asset trading expert Saxo Bank, has earlier today posted its Annual Report for 2018.

In terms of outlook, BinckBank says the upcoming period will mainly focus on the developments surrounding Saxo Bank’s public offer for BinckBank’s shares.

The deal has also affected the dividend for 2018. Given that the offer price of the public offer of Saxo Bank has taken account of dividends (cum-dividend), BinckBank has determined in accordance with article 32, paragraph 3 of the articles of association that the entire 2018 result, after deduction of the distributed interim dividend, will be added to the reserves. As a result, no final dividend will be paid for 2018.

Furthermore, the results for the final quarter of 2018 reflect higher operating expenses, largely due to advisory expenses related to the offer of Saxo Bank – EUR2.4 million.

Vincent Germyns, chairman of the executive board of BinckBank, commented that the offer Saxo Bank and BinckBank jointly announced in December 2018 comes at a time when the sector is facing a range of challenges, including fierce competition, increased regulation and low interest rates, on the eve of an expected consolidation in the European market. In this environment, achieving economies of scale is seen as an important factor in strengthening BinckBank’s future position. According to Mr Germyns, joining forces with Saxo Bank offers the necessary perspectives for customers and employees to take on these challenges.

Saxo Bank intends to make an all-cash public offer of €6.35 per share (cum dividend).

“In assessing the offer we considered factors such as the realizable value for shareholders if BinckBank were to continue operating independently versus the premium for shareholders resulting from the offer by Saxo Bank. We have concluded that Saxo Bank’s offer is fair and attractive for shareholders, as it represents a premium of 35% over the closing price of 14 December 2018 (€ 4.72). Other stakeholder interests, such as those of our customers and our employees, were also taken specifically into account in evaluating the offer”, Vincent Germyns said.

In mid-January, the two companies confirmed that they were making good progress on the preparation for the offer.

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