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Blackstone in advanced talks for NIBC
Posted on Friday, 14 February 2020 11:42
Shares in NIBC Holding were up 6.9 per cent by 10:08 am local time on news the Dutch bank is in advanced discussions with Blackstone regarding a possible cash offer of EUR 9.85 apiece. The private equity giant - via a newly incorporated vehicle - is proposing a voluntary public bid to acquire all the issued and outstanding securities not owned by the lender’s two largest stockholders. JC Flowers and Reggeborgh Invest support the offer and have agreed to hand over their respective 60.6 per cent and 14.6 per cent stakes in separate conditional private transactions at agreed fixed prices. In the first instance, Blackstone will pay EUR 8.93 apiece to pick up the majority shareholding from the US private equity house. The group will acquire the stake held by the Dutch investor at a price of EUR 9.65 each, being a 2.0 per cent discount to the potential voluntary public offer. NIBC said management and supervisory board are exploring the feasibility and merits of going private and caution there is no assurance “any transaction will materialise from these discussions and negotiations”. The northwestern Europe-focused lender has offices in the Hague, Amsterdam, Frankfurt, London and Brussels, serves about 600 mid-market businesses and has more than 400,000 retail clients. In the first six months of 2019, NIBC booked a net profit attributable to shareholders of EUR 83.00 million. As of 30th June 2019, it had a common equity tier 1 ratio of 18.5 per cent, a tier 1 ratio of 19.9 per cent, a total capital ratio of 22.0 per cent and a leverage ratio of 7.0 per cent. NIBC is currently trading at EUR 9.76 and a market capitalisation of EUR 1.35 billion at the time of writing. Zephyr, the M&A database published by Bureau van Dijk, shows three public takeovers targeting banks in Western Europe have been announced since the beginning of 2019, compared to 42 signed off for North America. © Zephus Ltd