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Saxo Bank cleared to acquire stockbroker

— 1 minute read

All regulatory clearances have been obtained to allow Saxo Bank to acquire an online stockbroking company for $677 million.

The acquisition of BinckBank by Saxo was first announced in December last year and was waiting for regulatory approvals from the Dutch Central Bank and European Central Bank. 

Both the central banks had no objections to the transaction and shareholders can continue to tender their shares until the offer closing date on 31 July. 

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The European Central Bank in its declaration indicated that if Saxo decides to implement the post-closing merger the banking license for BinckBank will in all likelihood be granted. 

This ensures that Saxo bank will be able to implement the merger if and when required and the European Central Bank has already assessed the application for the banking license for BinckBank. 

If all other offer conditions are satisfied before the closing date, including the number of tendered shares Saxo Bank expects to waive the offer condition in relation to the regulatory merger clearances and declare the offer unconditional. 

The conditional agreement reached back in 2018 recommended an all-cash public offer of €6.35 per issued and outstanding ordinary share and priority share of BinckBank.

The offer price represents a premium of 35 per cent over the closing price of 14 December and will deliver immediate and significant value to BinckBank shareholders.

 

Saxo Bank cleared to acquire stockbroker
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Eliot Hastie

Eliot Hastie

Eliot Hastie is a journalist at Momentum Media, writing primarily for its wealth and financial services platforms. 

Eliot joined the team in 2018 having previously written on Real Estate Business with Momentum Media as well.

Eliot graduated from the University of Westminster, UK with a Bachelor of Arts (Journalism).

You can email him on: [email protected]

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