According to a statement released by Unicredit, shareholders representing 10,91 percent of Commerzbank's share capital have tendered their shares under the takeover offer that has been running since early May. If completed, Unicredit's stake would increase from 26,77 percent to 37,68 percent.
Under the terms of the offer, Unicredit is offering 0,485 of its own shares for each Commerzbank share. Based on current market prices, the implied offer value remains more than €2 below Commerzbank's share price of €36,80.
Despite the apparent discount, shareholders representing 7,58 percent of Commerzbank's shares had already accepted the offer by 2 June.
Dispute Over Tendered Shares
According to an internal analysis, many of the tendered shares reportedly originated from Unicredit business partners, including Japanese investment bank Nomura, rather than from institutional investors.
