BinckBank says coming months to be largely influenced by Saxo Bank’s offer

Maria Nikolova

“For the shareholders, I trust that they will consider Saxo Bank’s offer to be attractive and that they will offer their shares within the specified time limits”, says BinckBank’s Vincent Germyns.

BinckBank has earlier today posted its report for the first half of 2019, providing an update on the progress of its deal with Saxo Bank.

Vincent Germyns, Chairman of the executive board of BinckBank, said:

“The coming months will be largely influenced by Saxo Bank’s offer. If the offer is declared unconditional, the customer will eventually experience the benefits of the collaboration. For the shareholders, I trust that they will consider Saxo Bank’s offer to be attractive and that they will offer their shares within the specified time limits”.

As FinanceFeeds has reported, in December 2018, BinckBank and Saxo Bank reached a conditional agreement on a recommended all-cash public offer of 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 December 14, 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.

In March 2019, Saxo Bank announced a recommended public offer for the entire issued and outstanding share capital of BinckBank of €6.35 in cash per share.

Saxo Bank has extended the offer period for shareholders to register their shares under the Offer to July 31, 2019. BinckBank notes that the extension gives room to complete the process of obtaining the required regulatory approvals.

Declaring the Offer unconditional is subject to the fulfilment of a set of conditions listed in the offer memorandum. One of the conditions is that at least 80% of the shares have been tendered under the offer, since BinckBank’s shareholders adopted the resolution on the merger after the closing date for the shareholders’ meeting on April 23, 2019. Additionally Saxo Bank may unilaterally lower the minimum offer threshold to 67% of the Shares.

BinckBank and Saxo Bank still expect to meet all conditions or, where applicable, to waive them, on or before t he end of the extended offer period. The transaction is expected to be completed during the first half of the third quarter of 2019.

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