Saxo Bank publishes details of recommended offer for all shares of BinckBank
Saxo Bank and BinckBank with a joint press release, unveil the details of the recommended public offer by the Offeror for all the issued and outstanding shares in the capital of BinckBank. Shareholders of the Dutch company are set to vote on the €424 million offer on the 23rd of April.
Back in December Saxo Bank submitted a bid for the discount brokerage listed on Euronext. Shareholders of the company were presented with a premium of 42% , 43% and 38% over the average volume weighted price over the last one, two and three calendar months prior to the announcement.
On the side of the Dutch discount broker, the chairman of the BinckBank executive board, Vincent Germyns, added that merging both companies will help realize important economies of scale.
“Our conversations and initial preparations over the past months have reaffirmed the strong cultural fit between BinckBank and Saxo Bank based on a shared vision and purpose to democratise investment and empower everyone to take control of their financial destiny,” the CEO of Saxo Bank Kim Fournais said.
“On a term of two to three years, this will of course have consequences for staff. As far as possible these consequences will be met through natural staff turnover. In case of redundancies, a good severance scheme will apply. The executive board, supervisory board and works council support this severance scheme unanimously,” Mr Germyns elaborated.