Austria's Raiffeisen plans bid for Vienna-listed Addiko
April 8 (Reuters) - Austria's Raiffeisen Bank International RBIV.VI said on Wednesday it plans to acquire smaller Vienna-listed lender Addiko ADKO.VI for 23.05 euros ($26.88) per share.
RBI said it would make an offer for all outstanding shares of Addiko, in a deal valued at 444.6 million euros, based on Reuters calculations
The offer price represents a discount of over 11% to Addiko's closing price of 26 euros on Wednesday
Addiko said on Thursday RBI had not been in touch with the company before the day of the announcement of the intention to launch a takeover offer
Addiko added it will make a statement after RBI publishes the offer document
Once submitted, the acceptance period for the offer will run for 10 weeks, RBI said
Following completion, the transaction would have a negative impact of about 45 basis points on RBI's common equity tier 1 ratio, excluding Russia
RBI has a market capitalisation of $15.3 billion, compared with Addiko's valuation of $587.8 million
The move follows another deal where RBI last month agreed to buy Istanbul-listed Garanti BBVA's GARAN.IS Romanian business for 591 million euros ($689.40 million)
($1 = 0.8574 euros)
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