Piraeus Bank announces that it has agreed to acquire 31.3147% of Proton Bank's share capital through an exchange of shares, following a new proposal by a group of Proton Bank shareholders holding said equity percentage.
The agreed exchange ratio was 8.25 Proton Bank shares for every one (1) Piraeus Bank share and was based on closing prices at the Athens Stock Exchange as of Friday 31/10/08.
Thus, 19,629,247 Proton Bank shares will be exchanged with 2,379,303 Piraeus Bank shares from Piraeus Bank's treasury stock.
It is expected that execution of the transaction will be carried out later today.