Eurobank Ergasias Services and Holdings S.A. has recently inked a conditional sale and purchase agreement with the Hellenic Financial Stability Fund. This agreement entails the acquisition of the Fund's entire stake in Eurobank's share capital.
Eurobank, in a statement issued after a General Meeting of Shareholders, disclosed that it had entered into a conditional share purchase pact with the Fund. The agreement covers the purchase of all shares, totaling 52,080,673 ordinary registered shares, constituting roughly 1.40% of Eurobank's paid-up share capital and voting rights. The agreed-upon price per share stands at €1.80.
According to the terms outlined in the agreement, the Fund will initiate a competitive process to offer shares to all eligible shareholders. The sale and transfer of shares hinge on specific conditions: if the Fund does not select a preferred bidder through the Competitive Process and if the "Spot Price" of the shares, determined at the close of trading on the Athens Exchange on the closing date of the Competitive Process, is lower than or equal to the Offer price. If, however, the Current Price surpasses the Offer, Eurobank retains the right to revise the Offer to match the Current Price.
The results of this Competitive Process are slated to be revealed on or around October 6, 2023, and no later than 2 hours before the commencement of trading on the Athens Exchange on October 9, 2023.
UBS Europe SE is serving as the Placement Agent in conjunction with this transaction.