A National Bank source told Capital.gr on Saturday that Alpha Bank’s shareholders have to consider the proposal and their final judgement will emerge in the course of Alpha Bank’s share.
The same source revealed that even no deadline has been set, the two banks are not in a negotiating channel. Additionally, he denied that National Bank is starting negotiations with Eurobank.
Alpha Bank sources justify the bank’s rejection, as NBG’s proposal was considered uprofitable. The disagreement is focused on purely financial issues as there is mutual respect between the two banks.
"We were surprised by Alpha’s management negative response to our friendly offer but we are confident the market views the bid very positively despite its rejection," NBG Chief Executive Apostolos Tamvakakis said on an investor conference call.
Contrary to rumours, National Bank is not willing to place an improved offer.
A National Bank source told Capital.gr on Monday that NBG’s proposal is generous, as offers a premium of over 20% above Alpha Bank’s market value and cumulative surplus value of 60%. Additionally it proposes in fact the co-administration of the new organization.
“Thus, it is clear that we stick to our proposal”, he added.
SOURCE: CAPITAL
