Wall Street Journal
February 21, 2011
National Bank of Greece SA, the country's largest bank by assets, may be ready to slightly sweeten its offer for Alpha Bank, but isn't prepared to double the premium, as Alpha is demanding, a senior person familiar with the matter said Saturday.
NBG on Friday announced an offer to acquire Greece's third-largest lender by assets in an all-share deal at a premium that reaches nearly 24%, depending on how it is calculated. Hours later, Alpha's board unanimously rejected the offer, citing the "uncertainties of the current environment" and calling the terms less than "beneficial" for shareholders.
The rejection was widely seen as an effort by Alpha's board to secure a better deal.
A senior member of NBG's management said the bank remains committed to its offer "and we still want to see serious and further consideration from Alpha Bank."
Market watchers believe that NBG won't unilaterally sweeten the offer unless Alpha Bank comes back to the table in good faith. Negotiations could then take place on additional benefits and the value of synergies between the companies to Alpha Bank shareholders.
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