The Management of Piraeus Bank denies disclosures and information according to which it had been allegedly officially notified of Marfin Popular Bank''s intention to take over Piraeus Bank. Such an intention may not be serious unless it is concrete. It would be concrete if, first, it specified the acquisition target and bank and, second, defined the main acquisition terms and conditions. At no time -so far- has Marfin Popular Bank stated in an official and binding way whether it is interested in taking over Bank of Cyprus (whose principal shareholder is Piraeus Bank) or Piraeus Bank directly. Besides, no official and concrete public tender offer has been announced, although Marfin Popular Bank is tardily claiming that it had communicated its intentions.
The resolution of the Piraeus Banks Board of Directors on the public offer to the shareholders of Marfin Popular Bank -clear in its content and terms- was announced duly and in writing on January 11 2007, as soon as it was made, in implementation of the Bank''s business plans. It is quite clear that there is currently only one public tender offer and is coming from Piraeus Bank. The latter has already committed itself officially and in writing to the supervisory authorities of Greece and Cyprus.
Since Piraeus Bank has resolved upon proceeding to an official and binding public offer, which was communicated both to the competent authorities and to the Board of Directors of Marfin Popular Bank, any subsequent takeover offer to be resolved upon by the Board of Directors of Marfin Popular Bank, is unlawful and non-compliant to normal procedure, according applicable legislation and standard international practice.
One wonders, what kind of confidential information with respect to a concrete public tender offer could have been supplied by Marfin Popular Bank, given that as of this morning''s press release the Board of Directors of Marfin Popular Bank still claims that it will convene today to resolve upon this matter.