Erste Bank reported that following the closing of the BCR acquisition, which is expected by 21 September at the latest, the bank will make an offer for the employees shares in BCR.
Employees, who currently hold a total of 63,397,500 shares representing 8% of share capital, will have the opportunity to either sell their shares or swap them for Erste Bank shares. The offer will be based on the price of EUR 7.65 per share paid by Erste Bank when acquiring the majority stake in BCR.
Our view:
In our opinion this information is expected as it was announced in the early stage of the BCR acquisition. And we would expect a neutral price reaction on the back of this news. We reiterate our Buy rating with a fair value of EUR 50 per share.