NIBC agrees to Blackstone’s reduced takeover offer

NIBC has agreed to a proposed takeover by Blackstone , the Dutch bank said on Monday, despite the U.S. private equity firm lowering its bid in light of the COVID-19 pandemic.

FILE PHOTO: The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016.

AMSTERDAM: NIBC has agreed to a proposed takeover by Blackstone , the Dutch bank said on Monday, despite the U.S. private equity firm lowering its bid in light of the COVID-19 pandemic.

The bid values NIBC at just over 1 billion euros (US$1.13 billion) versus 1.36 billion euros previously.

Blackstone last month cut its original bid by around 25per cent, to 7 euros per share, after it said the coronavirus pandemic threatened to derail the deal altogether.

NIBC said its board unanimously recommended the new offer, as it said it still offered the best option available for all parties involved.

Majority shareholders JC Flowers and Reggeborgh, which together hold about 75per cent of NIBC’s shares, have promised to tender their shares at the newly agreed price.

NIBC said it expected the deal to be finalised before the end of the year.

NIBC services around 600 small firms and 400,000 retail clients in the Netherlands and reported a net profit of 194 million euros last year.

(US$1 = 0.8832 euros)

Z24 News

Leave a Reply

Your email address will not be published. Required fields are marked *

Next Post

Olympics must go ahead next year as symbol of overcoming COVID-19, Tokyo governor says

Mon Jul 13 , 2020
TOKYO: Tokyo Governor Yuriko Koike, often floated as a future Japanese prime minister, said on Monday (Jul 13) the Olympics must go ahead next year as a symbol of world unity in overcoming COVID-19, even as her city grapples with stubborn spikes in cases. Japan has not seen an explosive […]

Share

Social menu is not set. You need to create menu and assign it to Social Menu on Menu Settings.