NLB, Slovenia's leading bank, has raised its voluntary takeover bid for the Austrian Addiko Bank from €20 to €22 per share, reduced by the amount of any dividend between the announcement of the bid and settlement. This values the Austrian bank at €429 million.

"This attractive 10% improvement of the share offer price ... implies a premium of 34.4% compared to the six-month volume-weighted average share price of €16.37 as of 14 May 2024, the last trading day prior to NLB's announcement to launch a full takeover offer for Addiko," the NLB management said in announcing the new bid on 15 July.

The new bid also implies a premium of 45.2% compared to the closing price of the share of €15.15 on 22 March 2024, the last closing share price before the financial holding company Agri Europe Cyprus announced its preliminary takeover intent, they added.

Agri Europe Cyprus, owned by Serbian businessman Miodrag Kostić, announced its intent on 25 March, offering €16.24 for an Addiko Bank share, including the dividend that has already been paid.

"NLB remains convinced that the acquisition of Addiko would accelerate our ambitions in consumer and SME financing, and digitisation," NLB chairman Blaž Brodnjak was quoted as saying.

He added that the takeover would also allow NLB to indirectly enter Croatia, the largest economy in its home region and the missing bridge between the Slovenian market and the group's other strategic markets.

Seeking to acquire at least 75% of all stock of the Vienna-based bank, NLB published its voluntary takeover bid on 7 June. Valid until 16 August, it is considered a rival bid under Austrian takeover law.

Addiko Bank, the successor to the defunct Hypo Alpe Adria Bank, 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. Agri Europe Cyprus already holds 9.99% of Addiko stock.

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.