UniCredit won shareholder support for its lowball offer for Commerzbank after using tender offer tactics devised by chief executive Andrea Orcel, the Financial Times reported, representing the latest development in a 21-month takeover battle.
TACTICS AND TIMING
The FT described a strategy centred on a tender offer that aimed to secure shareholder support despite characterisations of the proposal as a lowball bid.
UniCredit offered 0.485 of its own shares for each Commerzbank share, a ratio that implied a value more than €2 below Commerzbank's share price of €36.80, finews reported on 10 June.
STAKE POSITION
By 9 June, UniCredit said acceptances had lifted its total position in Commerzbank to about 37.7%, or 40.9% including derivatives that can be settled in shares; the acceptance period was due to end on 16 June.
Sources: FT Financial Services