The Czech SEC yesterday gave its approval to the intended Ceska sporitelna buyout offer by AVS. The SEC said in a press release that the offer will be valid for 5 weeks, until May 10. The SEC did not assess the fairness of the buyout price (CZK 375 per share), given that the offer is voluntary. The SEC also said that if, as a result of this voluntary tender offer, AVS reaches a two-thirds or three-quarter stake in Ceska sporitelna, it (and Erste Bank, which acts in concert with AVS) would be obliged to make a mandatory tender offer. Such a mandatory tender price would then be subject to SEC assessment, according to the statement.
Patria’s investment opinion on Ceska sporitelna is restricted. Patria Finance has been authorized by AVS to arrange for the implementation of the above-mentioned tender offer.
Separately, Erste Bank said that it is talking to the Prague Stock Exchange and the Ministry of Finance about having its stock listed on the PSE. The Czech daily MFDnes says that this could happen before the end of the year or early next year.
(Ondrej Datka)