Eurobank completes mandatory offer process for Hellenic Bank

Eurobank announced on Wednesday evening that it had successfully completed its mandatory public offer to acquire up to 100 per cent of the issued share capital of Hellenic Bank.

This resulted in Eurobank increasing its direct stake in the Cypriot lender to 55.886 per cent, which was rounded up to 55.9 per cent in the CEO Fokion Karavias’ statements accompanying the bank’s financial results for the first half of 2024.

In an announcement, Eurobank stated that on July 30, 2024, the acceptance process for the mandatory public takeover offer, submitted on June 4, 2024, was finalised.

The offer aimed at acquiring the entire issued share capital of Hellenic Bank Public Company Limited.

As of June 4, 2024, the date when the mandatory public offer was announced, Eurobank directly held 228,253,661 shares of Hellenic Bank, representing 55.29 per cent of its total issued share capital.

During the public offer period, from June 4, 2024, to July 30, 2024, Eurobank acquired an additional 776,364 shares, representing 0.19 per cent of Hellenic Bank, at a price of €2.56 per share.

This included 31,959 shares (0.01 per cent of the issued share capital) held by investment funds managed by Senvest Management LLC.

Preliminary results show that the total acceptance rate of the public offer reached 0.405 per cent, with acceptance and transfer forms submitted for 1,670,975 shares of Hellenic Bank.

Adding this to the 55.481 per cent (229,030,025 shares) already held by Eurobank at the close of the public offer on July 30, 2024, the bank now has a total direct stake of 55.886 per cent (230,701,000 shares) in Hellenic Bank.

Moreover, it should be noted that the final acceptance rate might change, subject to the verification of the acceptance and transfer forms and accompanying documents.

Under the terms of the public offer and in accordance with Article 10(1) of the Law, since Eurobank held more than 50 per cent of the voting rights in Hellenic Bank, the public offer is deemed successful.

Axia Ventures Group and The Cyprus Investment and Securities Corporation Limited (CISCO) acted as advisers to Eurobank regarding the public offer, with CISCO also serving as the Managing Underwriter in line with the provisions of the Cyprus Stock Exchange regulations.