BNP Paribas’ wholly owned subsidiary, BNP Paribas Beteiligungsholding AG, published its voluntary tender offer for DAB Bank AG (“DAB Bank”).
BNP Paribas publishes DAB Bank offer document.
- Acceptance period for the offer to run until 13 October 2014
- Offer price of€4.78 per DAB Bank share, as previously announced
- Premium of 28.5% over 12 months average price
The Federal Fi nancial S u pervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, “BaFin”) has approved the publication of the offer document pursuant to the German Securities Acquisition and Takeover Act (Wertpapiererwerbs – und Übernahmegesetz/ “German Takeover Act”). The offer document and an additional English translation, which was not reviewed by BaFin, are available online at http://invest.bnpparibas.com/en in the “Events” section under the entry dated 5 August 2014.
Publication of the offer document marks the beginning of the acceptance period of the offer, which ends on 13 October 2014, unless it is extended pursuant to the statutory provisions of the German Takeover Act. Shareholders of DAB Bank can tender their shares at a price of €4.78 per share, as indicated in BNP Paribas’ previous announcement of 5 August 2014. For further details regarding the offer and on how to accept, shareholders of DAB Bank should refer to the offer document.
On 5 August 2014, BNP Paribas announced that it had entered into a conditional agreement with Unicredit to acquire its 81.39% interest in DAB Bankat a price of €4.78 per share. Shareholders of DAß Bank are invited to tender their shares at the same price BNP Paribas agreed with Unicredit. The offer price represents a premium of 28.5% on the undisturbed 12 months average price and of 29.5% on the average analyst target prices before announcement of the agreement with Unicredit, as specified in the offer document.
A minimum acceptance threshold has not been set. Campletion of the offer is subject to receipt of certain banking regulatory approvals and non-objections by certain banking associations.
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