The success of the buyout proposal of National Bank of Greece for 100 percent of Eurobank Ergasias is certain, while the target for NBG?s administration is for the process of the public offering to be completed by the end of December. This, however, depends also on the speed of decision-making by the competent regulators in Greece and in Brussels.
The full merger of the two lenders, with the absorption of Eurobank by National, is set for completion within the first quarter of 2013.
The buyout bid is sure to succeed ?given that it is an optional public offer, entailing that there is no minimum required. Even if only one share is offered, it can be accepted by the bidder,? the second vice president of the Capital Market Commission, Xenofon Avlonitis, told Kathimerini.
In Eurobank?s case, the holders of 44.75 percent of shares have already committed themselves to the combination. They are nine members of the Latsis family, the John S. Latsis Public Benefit Foundation and the EFG Consolidated Holdings group. That means that even if no other shareholder responds to the offer, National Bank will find itself with just under 45 percent of shares in Eurobank, which will easily lead to a full merger.