Alpha Bank is moving toward a full takeover of Alpha Trust, as the Hellenic Capital Market Commission has approved the prospectus for the voluntary public tender offer to acquire all the shares of the listed asset management company, with an offer price of €20.20 per share in cash. The acceptance period begins on May 29 and ends on June 26.
Alpha Bank has already secured purchase agreements for 2.19 million shares of Alpha Trust, representing 69.61% of the share capital, through ten share purchase agreements with the company’s major shareholders. These include Chairman Faidon Tamvakakis, CEO Christodoulos Aesopos, and Angeliki Hatzidakis.
The offered price of €20.20 per share represents a 55.74% premium over the weighted average stock price for the six months prior to the public offer, while it exceeds by 13.23% the valuation of the independent appraiser, who determined the fair value at €17.84 per share.
The bank states that its goal is to acquire 100% of Alpha Trust and, provided that it controls more than 90% following the tender offer, it will exercise its right to acquire the remaining shares and seek the delisting of the company from Euronext Athens. At the same time, the integration of Alpha Trust and its subsidiaries into the Alpha Bank Group through a merger or other corporate restructuring is being considered, with the aim of achieving synergies.