Tanemo a.s made a tender offer to acquire a 20% in MONETA Money Bank, a.s. for CZK 8.2 billion.
January 21, 2021
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Tanemo a.s made a tender offer to acquire a 20% in MONETA Money Bank, a.s. (SEP:MONET) for CZK 8.2 billion on January 22, 2021. The offer will be to acquire a maximum of 20% stake at CZK 80 per share, with right to unilaterally increase this maximum volume up to 29%. On March 3, 2021, Tanemo exercised its right to increase stake. Tanemo will acquire 29% through the tender, hence paying CZK 11.9 billion. The voluntary tender offer will not result in takeover of control over Moneta. The offer further contemplates that the voluntary tender offer will be carried out in two phases, the first unconditional for 10% stake and the second conditional upon obtaining a regulatory approval (Czech National Bank). Management Board of MONETA is expected to provide its opinion by January 29, 2021. As on January 29, 2021, the transaction was approved by the board of MONETA Money Bank. The offer is valid for acceptances from February 8, 2021 to February 26, 2021. On February 23, 2021, Tanemo a.s. has extended the binding date of the public bid until March 5, 2021, in reaction to requests from MMB shareholders and administrators of property interests in the bank who are battling with longer deadlines during the pandemic to meet the formal requirements to accept the bid. J.P. Morgan is acted as financial advisor to MONETA. Centrální depozitar cennych papiri, a.s. acted as share registrar to MONETA Money.
Moneta Money Bank a.s. is one of the leading financial services groups in the Czech Republic. Net sales break down by activity as follows:
- retail banking (64.2%): sales of conventional banking products and services to induviduals (current account management, consumer credit, sale of savings contracts, mortgages, car loans, home loans, leasing, credit card issuance, etc.);
- commercial banking (29.6%): sales of banking products and services to small and medium enterprises, financial and public institutions (asset funding, investments and projects, leasing, management of vehicle fleets, industrial equipment funding, etc.);
- other (6.2%): primarily investment banking and bancassurance.
At the end of 2021, the group managed CZK 285.1 billion in courrent deposits and CZK 255.6 billion in current loans.
The products and services are marketed through a network of 154 branches located in the Czech Republic.