Caixa Bank voluntary tender offer for remaining shares in BPI Bank

Overview:

• CaixaBank announced its intention to buy the remaining shares in Portuguese Banco BPI that it does not already own, by means of a voluntary takeover bid.
• The outstanding shares equated to 55% of the company. 
• The price was equivalent to the volume-weighted average price of the six months prior to the offer, which amounted to €1.113 per share, payable in cash. 
• The offer was conditional on CaixaBank gaining a majority holding in BPI, as well as the removal of the 20% voting cap at the banks EGM. 
• BPI is also operational in Angola and Mozambique. 

John Crabb - Journalist