RBI Secures 50% of Addiko Shares in Takeover Bid, June 11

Raiffeisen Bank International AG announced on June 10 that it received acceptances for 9,831,951 Addiko Bank shares, representing 50.42% of all issued shares as of June 9. The acceptance includes 1,878,167 shares from major shareholder Alta Group. RBI’s 26.50 EUR per share offer faces a higher competing bid from Slovenia’s Nova Ljubljanska banka at 33.50 EUR, but board backing and regulatory certainty favor RBI’s path to control.

RBI Crosses Control Threshold With 50% Acceptance

RBI announced it has received declarations of acceptance for 50.42% of Addiko shares as of June 9, 2026, 09:30 CEST. This total includes 9.63% held by Alta Group d.o.o., a Serbian investor. The acceptance period runs until July 22, 2026, 17:00 CEST. RBI launched the voluntary public tender offer on May 14, 2026, under Austrian takeover law to acquire all Addiko shares.

Rival Bid Raises Stakes With 27% Higher Price

Nova Ljubljanska banka (NLB), a Slovenian bank, raised its competing offer to 33.50 EUR per share in early June, exceeding RBI’s 26.50 EUR bid by 26.4%. The NLB offer includes dividends and was approved by the takeover commission. Addiko shareholders who already accepted RBI’s offer can withdraw their acceptances up to four trading days before the deadline to switch to NLB’s bid.

Board and Major Shareholder Back RBI Over Higher Offer

Addiko’s board and supervisory council recommended RBI’s offer despite NLB’s higher price. They cited regulatory risks in Croatia that threaten NLB’s deal completion. Alta Group, which controls 9.63% of Addiko, committed to accept RBI’s offer. The board prioritized transaction certainty over the higher nominal price from NLB.

What This Means for Investors

RBI’s 50.42% acceptance puts it in a strong position to gain control, though the outcome remains uncertain until July 22. Meyka rates ADBKF a B with a neutral hold suggestion, reflecting mixed fundamentals. The competing bid creates upside risk for Addiko shareholders, but regulatory approval uncertainty favors RBI’s path. Investors should monitor the final acceptance deadline and any regulatory developments.

Final Thoughts

RBI has secured over 50% acceptance for its Addiko takeover at 26.50 EUR per share, though NLB’s 33.50 EUR counter-bid keeps the outcome uncertain through July 22. Board backing and regulatory advantages favor RBI despite the higher competing offer.

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