(Bloomberg) -- Raiffeisen Bank International AG reached a key milestone in its bid to acquire Addiko Bank AG after shareholders representing more than 55% tendered their shares, reaching the offer's minimum threshold.
The Viennese bank's offer of €26.5 per Addiko share, valuing it at about €517 million ($592 million), has enough backing for a deal to be valid for now, the company said in a statement Thursday.
Shareholders still have the right to withdraw their tendered shares, though, due to a competing offer from Slovenia's Nova Ljubljanska Banka, meaning Raiffeisen's share count could dip back below the minimum threshold. But no shareholders have requested a withdrawal so far, Raiffeisen said.
Reaching the 55% level suggests momentum behind Raiffeisen's offer, which includes an agreement with Addiko shareholder Alta Group to transfer non-European Union operations of the Balkan consumer-lending specialist later on.
Commitments from Alta have provided support for Raiffeisen's deal, even as NLB ramped up its offer price to €37, or almost 40% more than Raiffeisen.
Due to NLB's request to extend its acceptance period, Raiffeisen's offer now also runs until July 29. Austria's Takeover Commission said a panel is also set to decide on extending the deadline for withdrawing shares, which currently expires later on Thursday.