BPI bidder CaixaBank considers withdrawing offer
CaixaBank is considering withdrawing its 100% takeover offer for Banco Portugués de Investimento (BPI) after a new legal obstacle arose, El Confidencial reported.
According to the Spanish-language report, which cited sources close to the process, a decision will be announced within days. Official sources from the Spanish bank declined to comment, the item noted.
CaixaBank’s intensifying pessimism comes after BPI shareholder Violas Ferreira Financial (2.6%) successfully submitted to the court its claim to suspend the changes proposed by BPI’s board to remove the voting limitation that prevented CaixaBank from controlling BPI.
Moreover, BPI minority investor Tiago Violas is asking for a higher price for his shares, the report noted.
BPI’s board of directors has approved CaixaBank’s EUR 1.113 per share offer.
CaixaBank currently holds 44% of BPI.
El Confidencial