(RTTNews) - German lender Commerzbank AG (CRZBY.PK) Wednesday said it has offered shareholders of comdirect bank AG 11.44 euros per share in cash.
This corresponds to a 25 percent premium on the Xetra closing share price of comdirect on September 19, the day before Commerzbank published the ad-hoc announcement on its draft strategy "Commerzbank 5.0".
Commerzbank already holds around 82 percent of the shares in comdirect. The other 18 percent are in free float. The aim is to merge comdirect into Commerzbank.
The acquisition offer is valid until December 6 and completion is subject to a minimum acceptance threshold of 90 percent.
Once the acceptance threshold is reached, it would then be possible to integrate comdirect into Commerzbank by way of a squeeze-out under merger law. This is Commerzbank's preferred option.
If this is not successful, Commerzbank intends to take the steps required for a direct merger of comdirect into Commerzbank.
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