In tussle with NLB, Raiffeisen wins takeover target Addiko's endorsement
In tussle with NLB, Raiffeisen wins takeover target Addiko's endorsement VIENNA, May 27 (Reuters) - Austria's Addiko Bank ADKO.VI came out in support of Raiffeisen Bank International's RBIV.VI takeover bid on Wednesday, despite a higher offer from rival suitor Nova Ljubljanska banka NLBR.LJ, citing a more certain payout.
Nova Ljubljanska banka (NLB) has bid 29 euros ($33.77) per-share, or 566 million euros in total, more than Raiffeisen Bank's (RBI) 26.50 euros per-share offer
Though Addiko said it would neither recommend nor discourage its shareholders from selling shares to NLB, it added the suitor was lacking pledges of support from major NLB investors and was facing regulatory hurdles in Croatia
Both takeover offers are subject to a 75% acceptance threshold, which may be lowered to 50%, and they both run until July 22
RBI this month raised its offer to 26.50 euros per share, up from 23.05 euros earlier
($1 = 0.8587 euros)
(Reporting by Alexandra Schwarz-Goerlich
Writing by Ludwig Burger
Editing by Linda Pasquini)
((ludwig.burger@thomsonreuters.com; ))