Commerzbank AG (CBK.DE) on Wednesday raised concerns regarding UniCredit's (CRIN.DE) takeover offer, saying shareholder data continues to show no evidence of institutional investor support despite the offer's acceptance level reaching 10.95%.
According to information collected from custodian banks, Commerzbank said it has not identified a single institutional investor that has tendered shares into the offer. Retail participation also remained minimal at around 0.05%. The bank believes tendered shares stem almost entirely from banks and parties connected to UniCredit that did not hold significant stakes in Commerzbank before the bid was announced.
Commerzbank noted that its shares have traded above the implied offer value throughout the acceptance period. At the close of trading on June 9, the stock was approximately 6%, or €2.30 per share, above the offer price, making tendering economically questionable under normal market conditions.
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