PIRAEUS BANK S.A. announces that its Board of Directors on an extraordinary meeting held on January 11th, 2007 resolved to proceed with the submission of an amicable voluntary public offer to the shareholders of MARFIN POPULAR BANK PUBLIC CO LTD.
The aforementioned voluntary public offer will aim at the acquisition of at least 40% and up to 100% of the share capital of Marfin Popular Bank Public Co Ltd and the consideration will consist of one share of Piraeus Bank S.A. for every 5,70 shares of Marfin Popular Bank Public Co Ltd, as determined by the fair and reasonable value of the two companies.
Piraeus Bank shares offered on consideration will derive from a share capital increase of Piraeus Bank S.A. in favor of the shareholders of Marfin Popular Bank Public Co Ltd.
The aforementioned voluntary public offer will be subject to the approval of the share capital increase by the Piraeus Bank S.A. Shareholders General Assembly, which will be convened for this purpose, as well as to obtaining all necessary approvals by the competent regulatory authorities both in Cyprus and Greece.
Piraeus Bank S.A. will prepare and submit the Public Offer Document for approval within the time period defined by law.