CACEIS has made a recommended public offer in cash for all the securities in KAS BANK, which is presented at a price of €12.75 per share, valuing KAS BANK at €187 million.
The offer period commences on 29 July at 9:00 hours CET and ends on 23 September 2019 at 17:40 hours CET, unless extended.
Meanwhile, the management board and supervisory board of KAS BANK unanimously recommend the offer.
Completion of the offer is expected in H2 2019 and is subject to fulfilment of the conditions laid out in the offer—including approvals from Dutch and European Central Banks—available from KAS BANK and CACEIS.
Jean-François Abadie, CEO of CACEIS, commented: “We are delighted to be taking these steps towards strengthening our market share in the Netherlands, Germany and the UK.”
“This deal is an excellent opportunity to bring significant pension fund servicing expertise into the CACEIS group, together with the professional staff who know the servicing needs of their institutional investor clients.”
“Furthermore, with CACEIS’s extensive geographical footprint and broad scope of services, clients stand to benefit from being part of one of Europe’s largest asset servicing groups.”
Abadie added: “At every step in the process, clients are our number one priority. Leveraging our extensive migration experience, we will ensure uninterrupted client service and a smooth business migration once regulatory approvals are received.”
