BinckBank and Saxo Bank confirm progress on deal

Further to the earlier announcement by BinckBank and Saxo Bank on the agreed all-cash public offer for all BinckBank shares, the companies today provide an update on the progress of the deal.

BinckBank and Saxo Bank confirm that they are making good progress on the preparation for the offer. Saxo Bank expects to submit a request for review and approval of the offer document in relation to the Offer with the Netherlands Authority for the Financial Markets (Stichting Autoriteit Financiële Markten) in early February this year. This is before the applicable deadline under Dutch law.

In addition, BinckBank and Saxo Bank confirm that the process to obtain the required regulatory clearances for the offer is proceeding. Based on the required steps and subject to the necessary approvals, BinckBank and Saxo Bank anticipate that the Offer will close at the end of the second quarter or in the first half of the third quarter of 2019.

Let’s recall that under the recommended all-cash public offer, Saxo will pay EUR 6.35 (cum dividend) per issued and outstanding ordinary share and priority share of BinckBank representing a total consideration of EUR 424 million.

The offer price represents a premium of 35% over the closing price of 14 December 2018, and a premium of respectively 42%, 43% and 38% over the average volume weighted price per share over the last one, two and three calendar months, delivering immediate, certain and significant value to BinckBank shareholders.

The transaction was unanimously supported and recommended by BinckBank’s executive board and supervisory board.

Saxo Bank has committed financing in place and will fund the transaction via a combination of equity injections by its shareholders and cash at hand.

The parties have agreed to certain non-financial covenants for BinckBank stakeholders for a period of three years.