The bank issued a takeover bid at RSD 3,315.47 per regular share and RSD 934.72 per pref. share.

NLB published the takeover bid for the remaining 16.77% of KMBN shares and 100% of KMBNPB shares on Ljubljana stock exchange. The bank issued a takeover bid at RSD 3,315.47 per regular share and RSD 934.72 per pref. share. To put things into a perspective, this translates to EUR 82.5m for the remaining stake in the bank.

Such an offer (for regular shares) also indicates a slight premium to the current share price of 2%.

The offer price puts the multiple at a P/B of 0.75x for regular shares (9M results) implying a valuation of c. EUR 474m for the 100% stake.

Takeover bid is open for acceptance (Bidding Period) for 30 days, beginning from 11th March 2021.

As a reminder, in late February 2020, NLB announced that they have entered into a share purchase agreement with the Republic of Serbia for the acquisition of an 83.23% ordinary shareholding in Komercijalna Banka.

NLB acquired the 83.23% shareholding for the amount of EUR 387m, which will be payable in cash on completion. Such a price puts the transaction multiple at P/B 0.77x and P/E 6x, while it implied a valuation of EUR 465m for the 100% stake in Komercijalna Banka.