NIBC Bank Proceeds with Takeover Offer from Blackstone After EU Clearance
July 13 2020 - 3:43AM
Dow Jones News
By Sabela Ojea
Dutch lender NIBC Bank N.V. said Monday that it will proceed
with the amended recommended all-cash offer of 7 euros ($7.91) for
each of its shares from Blackstone Group Inc., following the
unconditional approval of the European Commission for the
transaction.
"As a result all competition clearances required to close the
offer have been obtained," NIBC said.
Public shareholders will receive EUR7.53 per share, as they will
also obtain EUR0.53 per share for the prior final dividend, to be
paid by NIBC. Shares closed Friday at EUR7.04.
The offer values NIBC Bank at around EUR1.03 billion excluding
the 2019 final dividend, it said. This was amended down from the
initial EUR1.44 billion proposal made public in February.
Blackstone has agreed to pay liquidated damages of EUR46 million
if the offer is not made or not declared unconditional. Blackstone
and NIBC Bank intend to terminate the listing of the shares on
Euronext Amsterdam as soon as possible.
NIBC said its boards unanimously support and recommend the
offer, as well as the lender's two largest shareholders, J.C.
Flowers & Co and Reggeborgh Invest B.V., which hold 60.6% and
14.7% of the shares, respectively.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
July 13, 2020 03:28 ET (07:28 GMT)
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