Alior Bank (WSE: ALR) signed an agreement to buy core operations of bank BPH (WSE: BPH) from GE Capital, with the 87.23% stake appraised at PLN 1.255 bln, and will first launch a tender offer on up to 66% of BPH shares.
After the tender offer, BPH will be divided to exclude the mortgage portfolio and investment fund house BPH TFI.
The division plan is to be agreed on by April 30, while the entire transaction should be completed by end-2016.
The sides have agreed that BPH's core operations will have capital adequacy ratio of 13.25%.
Alior Bank will finance the takeover with a rights share issue for existing shareholders. Alior expects to conclude the rights share issue in June 2016, subject to market conditions, and will determine the final number of shares to be issued and issue price "at a later stage of the transaction."
Alior Bank's shares price is rising by more than 6 percent in response to this information and it is the only growing company among the blue chips this morning.