Financial Times
February 21, 2011
National Bank of Greece is sticking to the terms of an all-share bid for rival Alpha Bank, insisting it has made shareholders a “generous” offer.
Apostolos Tamvakakis, NBG chief executive, told institutional investors on Monday the proposal for a friendly merger was still on the table even though its had been rejected last week by Alpha’s board.
NBG, the biggest Greek lender by assets, offered 8 new shares for 11 outstanding shares of Alpha, valuing the country’s third-largest lender at about €3bn.
Analysts and investors on Monday appeared confident a deal could still be reached. Alpha’s share price jumped 13 per cent on the Athens stock exchange in early trading, while NBG’s rose almost 3 per cent.
Mr Tamvakakis said a merger would benefit shareholders of both banks, creating a strong institution “able to navigate the current macroeconomic situation and support the recovery.”
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