MarketWatch
February 18, 2011
National Bank of Greece S.A. said Friday it submitted a proposal to Alpha Bank S.A. on Jan. 18 for the merger of the two banks. NBG and Alpha entered into a non-disclosure agreement on Feb. 3 and their management teams have held talks to discuss the terms of the proposal. Under the proposed deal, Alpha shareholders would receive eight new NBG shares for every 11 outstanding Alpha shares. The exchange ratio implies a 23.4% premium to the closing share price of Alpha on Jan. 17. U.S.-listed shares of National Bank of Greece rallied 5.8% in early trade. "The proposed merger would create the leading bank in Greece which we believe would be pivotal in supporting the recovery of the Greek economy," said the chairman of NBG's board of directors, Vassilis Rapanos, in a statement. Shares of Alpha Bank surged 6.3% in Athens trading.
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