Slovenian NLB increases offer for Addiko Bank to 33.50 euros per share

Recommendation of Addiko Boards

In their reasoning, the Addiko boards cited potential regulatory hurdles in Croatia and the lack of commitments from major shareholders for the NLB offer.

NLB expressed confidence in obtaining the necessary regulatory approvals in a timely manner. It pointed out that Austria, Slovenia, and Croatia are all subject to the Single Supervisory Mechanism, and therefore an objective review by the European Central Bank (ECB) could be expected.

NLB also stated that there was no binding commitment from major shareholders for the RBI offer. However, investor Alta Pay, which holds almost 30 percent of Addiko shares, had signaled its intention to accept the RBI offer.

Background and Previous Takeover Attempts

Should the RBI takeover succeed, Raiffeisen Bank International plans to immediately transfer Addiko's business activities in Serbia, Bosnia and Herzegovina, and Montenegro to Alta Pay.

The acceptance period for shareholders runs until July 22. The NLB takeover is conditional on at least 75 percent of Addiko shares being tendered and regulatory approvals being obtained.

This is NLB's second attempt to take over Addiko Bank. An earlier offer of 22 euros per share failed in the summer of 2024.

Addiko Bank emerged from the former Carinthian scandal bank Hypo Alpe-Adria. Since its IPO in 2019, it has repeatedly attracted the attention of investors due to its fragmented shareholder structure.

Raiffeisen Bank International operates in Eastern Europe, Ukraine, and Russia. Nova Ljubljanska banka is a Slovenian bank.