Alior Bank launches squeeze out of Bank BPH minority shareholders
Following a tender offer after which Alior Bank together with GE Group held a total of 99.42% of shares in Bank BPH, Alior Bank has announced a mandatory squeeze out of the remaining 0.58% of Bank BPH shares. This is a next step in the transaction to acquire Core Bank BPH by Alior Bank.
The mandatory squeeze out covers 442 923 shares of Bank BPH, which represents 0.58% of Bank BPH’s share capital and voting rights. The starting date for the mandatory squeeze out is set as 20 September 2016 and the squeeze out date as 23 September 2016. This means that any Bank BPH shares held in minority shareholders’ accounts will be blocked from today and that their ownership will be transferred to Alior Bank on 23 September 2016 in exchange for the payment of the squeeze out price.
Alior Bank will pay PLN 31.19 for each Bank BPH share purchased within the mandatory squeeze out. This price has been established in accordance with the existing laws. It is equal to the price that Alior Bank paid in August within its tender offer for Bank BPH shares.
Following the tender offer, settled on 24 August 2016, Alior Bank purchased over 46.5 million of Bank BPH shares, representing approx. 60.68% of Bank BPH’s share capital and voting rights. Together with GE Group, it holds a total of about 99.42% of all Bank BPH shares. The final stage of the transaction will be a division of Bank BPH, within which Core Bank BPH will go to Alior Bank and the mortgage part will remain with Bank BPH. After the division, GE Group will be the sole owner of Bank BPH.
The acquisition of Core Bank BPH is in line with Alior Bank’s growth strategy, which sees both organic and acquisitive growth as well as strong rates of return on capital. As a result of the Core Bank BPH acquisition, Alior Bank will become the ninth largest bank in Poland by assets. The transaction will bring Alior Bank closer to achieving its strategic objective of being in the top 5-6 of the largest banks in Poland over the next several years.
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Alior Bank is one of the most dynamically developing banks in Poland. With PLN 47 billion in assets at the end of June 2016, it was the 11th largest bank in Poland by assets. Nearly 6,700 employees and the fourth largest banking distribution network in Poland, covering over 800 locations, ensure efficient service to more than 3.2 million clients, including 133 thousand businesses. Moreover, selected Alior Bank products and services are offered at about 580 T-Mobile locations under a strategic partnership, as well as at over 70 Tesco stores. Alior Bank has been part of the WIG20 index for the largest and most liquid companies listed on the Warsaw Stock Exchange since 2014.
Alior Bank will pay PLN 31.19 for each Bank BPH share purchased within the mandatory squeeze out. This price has been established in accordance with the existing laws. It is equal to the price that Alior Bank paid in August within its tender offer for Bank BPH shares.
Following the tender offer, settled on 24 August 2016, Alior Bank purchased over 46.5 million of Bank BPH shares, representing approx. 60.68% of Bank BPH’s share capital and voting rights. Together with GE Group, it holds a total of about 99.42% of all Bank BPH shares. The final stage of the transaction will be a division of Bank BPH, within which Core Bank BPH will go to Alior Bank and the mortgage part will remain with Bank BPH. After the division, GE Group will be the sole owner of Bank BPH.
The acquisition of Core Bank BPH is in line with Alior Bank’s growth strategy, which sees both organic and acquisitive growth as well as strong rates of return on capital. As a result of the Core Bank BPH acquisition, Alior Bank will become the ninth largest bank in Poland by assets. The transaction will bring Alior Bank closer to achieving its strategic objective of being in the top 5-6 of the largest banks in Poland over the next several years.
***
Alior Bank is one of the most dynamically developing banks in Poland. With PLN 47 billion in assets at the end of June 2016, it was the 11th largest bank in Poland by assets. Nearly 6,700 employees and the fourth largest banking distribution network in Poland, covering over 800 locations, ensure efficient service to more than 3.2 million clients, including 133 thousand businesses. Moreover, selected Alior Bank products and services are offered at about 580 T-Mobile locations under a strategic partnership, as well as at over 70 Tesco stores. Alior Bank has been part of the WIG20 index for the largest and most liquid companies listed on the Warsaw Stock Exchange since 2014.