Takarékbank has submitted a statutory public takeover bid for all shares of Hungarian mortgage bank FHB: HUF 533 per share for Series “A" ordinary shares, and Series “B" preference shares, and HUF 5,330 for Series “C" ordinary shares.
The buyup of FHB shares by members of the integration of savings co-operatives is a sad move with regard to the development of the Budapest Stock Exchange (BSE), but a logical step from the point of view of the integration. The transaction is likely to lead to the delisting of FHB, according to a statement released by FHB on 22 May.
A week ago, the only certainty was that the integration of savings co-operatives will make a public takeover bid for FHB shares, but there were huge uncertainties over the price to be offered. Depending on different calculation methods, we estimated that the bid could be anywhere between HUF 527 and HUF 694.
The HUF 533 bid implies that the weighted average price of the 180 days preceding the bid (HUF 533) was chosen as the lowest bid, as according to the offeror, FHB’s equity per share (IFRS) is lower: HUF 531 in the case of Series “A" and Series “B" shares and HUF 5310 in the case of Series “C" shares.
The takeover bid has not been approved by the National Bank of Hungary (MNB) yet.
FHB closed at HUF 543 on Monday therefore the HUF 533 bid was nearly 2% below closing price.
After market opening, FHB shares dropped 3% on the BSE.
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