Commerzbank shares traded at €36.53 by 08:12 GMT, falling short of the €37.33 valuation implied by UniCredit’s proposal. Since the bid was officially launched on May 5, the German bank’s stock had consistently maintained a premium above the offer price, suggesting that shareholders were betting on a higher counter-bid or a rejection of the current terms.
Commerzbank stock dips below UniCredit's takeover valuation
For the first time since early May, Commerzbank shares have retreated beneath the price floor set by UniCredit’s hostile takeover bid. The decline marks a shift in market confidence as the initial window for the Italian lender’s acquisition offer draws to a close this Tuesday.
UniCredit’s offer utilizes an exchange ratio of 0.485 of its own shares for every Commerzbank share tendered. With UniCredit currently trading at €76.97, the market is signaling skepticism regarding the long-term upside of the proposed merger. The current tender period expires Tuesday, though the bank has scheduled a secondary 15-day window beginning June 20 to collect further shares.
Comments (0)
No comments yet. Be the first!