NLB, Slovenia's leading bank, has published a voluntary takeover bid for the Austrian Addiko Bank. It is offering €20 per share, reduced by the amount of any dividend between the announcement of the bid and settlement, which values the bank at €390 million.

NLB wants to acquire at least 75% of all Addiko Bank stock and will present the details of its offer at a webcast on 10 June, according to the announcement, which comes three weeks after the bank published a preliminary takeover intent.

Addiko Bank, the successor to the defunct Hypo Alpe Adria, is present in Slovenia, Croatia, Bosnia-Herzegovina, Serbia and Montenegro, which are also the key markets for NLB.

It is listed on the Vienna Stock Exchange and its ownership is dispersed with no single shareholder holding more than 10% of the stock.

NLB entered the fray after Agri Europe, a company owned by Serbian businessman Miodrag Kostić that already holds 9.99% of Addiko stock, published a takeover offer for 17% of Addiko at a price of €17.50 per share.

Its offer is valid until the end of July and NLB's offer is considered as a rival bid according to Austrian takeover law.

Another Serbian businessman, Davor Macura, whose company Alta Pay Group directly owns 9.63% of Addiko but reportedly controls 36.5%, is also seen as a serious contender to take over the bank.