Oma Savings Bank said on Oct. 23 that shares tendered during S-Bank Plc’s offer, together with shares tendered in the initial period and any shares S-Bank acquired separately, preliminarily represented about 97.32% of the lender’s issued and outstanding shares and votes, excluding treasury shares.
Oma Savings Bank said on Oct. 23 that 162,531 shares were validly tendered during the later phase of the offer. That batch amounted to about 0.49% of the lender’s shares and voting rights, excluding treasury shares. The preliminary total also includes shares tendered in the first phase and any shares S-Bank acquired separately.
The subsequent offer period ran from Oct. 1 through Oct. 22. The offer price was €17.20 per share in cash.
S-Bank said its initial offer received valid tenders for 32,152,993 shares, equal to about 96.78% of Oma Savings Bank’s shares and votes, excluding treasury shares. In its final-result release, S-Bank said the offer’s minimum acceptance condition of more than 90%, along with the other completion conditions, had been met.
S-Bank announced the voluntary recommended offer on July 9. Oma Savings Bank’s board unanimously recommended it to shareholders, according to S-Bank’s offer materials. S-Bank said the combination is intended to strengthen its position and support the development of its services and customer offering.
S-Bank has also said it intends to seek compulsory redemption of the remaining shares and apply to delist Oma Savings Bank from Nasdaq Helsinki when permitted and reasonably practicable. The Oct. 23 announcement said S-Bank reserved the right to acquire additional shares on Nasdaq Helsinki or by other lawful means.
Oma Savings Bank said S-Bank expects to confirm the final result around Oct. 26. Payment for shares validly tendered in the subsequent period is expected around Nov. 2, with the date subject to interbank processing schedules.
