Addiko Bank shareholders who previously accepted the acquisition offer from Raiffeisen Bank International (RBI) have until the end of the trading day to switch their acceptance to the higher bid from Slovenian lender NLB Group.
This deadline marks a critical juncture in the protracted contest for control of the Vienna-listed bank, which has seen NLB significantly outbid its Austrian rival.
The Slovenian lender recently secured a stake of nearly 30% in Addiko after US asset manager Wellington Management transferred its 5.
The window to defect is a standard mechanism in tender offers, allowing shareholders to maximize value by moving to the superior proposal before the initial bidder's offer closes.
NLB's counter-offer, launched recently, exceeds RBI's current bid by approximately 40%, creating a substantial financial incentive for shareholders to reconsider their initial acceptance of the Austrian bank's terms.
The takeover battle has intensified as NLB has consolidated its position in the target.
The Slovenian lender recently secured a stake of nearly 30% in Addiko after US asset manager Wellington Management transferred its 5.7% holding to NLB.