Sibos: CACEIS sees 95.3 percent of securities committed from KAS Bank
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Sibos: CACEIS sees 95.3 percent of securities committed from KAS Bank 24 September 2019London Reporter: Becky Bellamy
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CACEIS and KAS Bank have revealed that at the end of the recommended public offer period, 95.3 percent of issued and outstanding securities have been tendered and delivered to the offer.
In July, CACEIS 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 commenced on 29 July at 9:00 hours CET and ended on 23 September 2019 at 17:40 hours CET. At the time of the offer, the management board and supervisory board of KAS BANK unanimously recommend the offer.
CACEIS has declared its offer for KAS BANK unconditional, all conditions having been satisfied or waived.
Settlement and delivery of the securities will take place on 27 September.
Shareholders who have not yet tendered their securities will be able to do so, under the same terms and conditions as the offer, during the post-acceptance period, commencing at 9:00 hours CET on 24 September. The post-acceptance period ends on 7 October at 17:40 CET.
Jean-François Abadie, CEO of CACEIS, said: “I am delighted in the success of this recommended public offer. The staff from KAS BANK will soon join CACEIS and bring their expert knowledge of the servicing needs of their institutional investor clients. CACEIS now adds a high level of expertise in pension fund servicing to its offer.”
“All clients of the CACEIS group stand to benefit from the services of one of the leading European asset servicing companies, our geographical footprint and our financial strength. Together with the staff and management of KAS BANK, we will leverage our extensive migration experience to ensure uninterrupted service for KAS BANK clients.”
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