6D·

Offer to convert Commerzbank for Uni Credit from ING

Hello everyone.

My girlfriend still owns some $CBK (+0,18%) shares.

She has now been offered an exchange for $UCG (-0,08%) shares from ING.

However, the letter offers an exchange ratio of 1 to 0.485.

If I now apply my rudimentary knowledge of calculators, the exchange factor should be 1 to 0.521.

Since the ING offer gives you fewer shares of $UCG (-0,08%) this would be a minus transaction in purely mathematical terms if my friend were to convert.

Or am I making a blatant error in my thinking?

Regards Carsten

11 Comentários

Seventrader@7Trader

The provider just wants to record something. It's almost certain that it's not Unicredit directly behind the offer, but someone else....

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Seventrader@7Trader

@Get_Rich_or_Die_Tryin Sometimes hedge funds or other players intervene to try to snatch shares from small investors at below their value in the hope that they will be inattentive or want to cash in quickly. These offers are often well below the current market price.

ING is only the intermediary of the information and since neither of us can see what is written on the offer, this may well be the case.

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Get_Rich_or_Die_Tryin@Get_Rich_or_Die_Tryin

@7Trader 2 things don't fit for me:
1. these are generally cash settlement offers in the cases you describe.
2. the exchange ratio corresponds exactly to the ratio issued by UniCredit.
Therefore, it is quite clear to me here.

But basically I know what you're getting at.😉

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HeadoN@HeadoN

@7Trader No, this is the official offer from UniCredit. Let's see how it develops, it will probably be a hostile takeover.

https://www.commerzbank.de/konzern/was-uns-bewegt/commerzbank-als-unternehmen/2026-unicredit-position-faq.html?hl=de-DE

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Carsten@Carsten1970

@Get_Rich_or_Die_Tryin So the offer comes directly from ING and nothing is being sold, only converted. it just has to agree by June 16.
That's all it says, except that there are no costs and only whole parts can be converted. Any fractions can be sold free of charge.

I think the ING offer is "genuine".

Yours sincerely
Carsten

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Seventrader@7Trader

@Carsten1970 I do not doubt the authenticity. Only the origin - ING is only the bearer of the offer.
And if there is a difference, then it could be a third party who has cast his line in the pond.
In the end, you don't care anyway. If the offer suits you, then take it - and if not, then leave it alone

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Kobayashi@Kobayashi

It is the attempted takeover of CoBa by UniCredit. Andrea must submit a mandatory offer when the 30% threshold is reached.

He has done so and if it is not accepted due to its deliberate unattractiveness, he can continue to buy on the stock markets in a relaxed manner. After all, he has fulfilled his duty.

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Get_Rich_or_Die_Tryin@Get_Rich_or_Die_Tryin

This is the offer that UniCredit is making as part of its capital increase for the takeover. It is exactly the same as the offer I have read in various articles. The only difference is that the CoBa share price is currently above it.🤷🏼‍♂️

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Carsten@Carsten1970

@Get_Rich_or_Die_Tryin Does this mean that if $UCG does not make improvements and shareholders therefore do not convert, the deal would collapse? Because the shareholders would make a loss (current share price/conversion rate)?

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Get_Rich_or_Die_Tryin@Get_Rich_or_Die_Tryin

@Carsten1970 UBS's aim with the early, voluntary offer (a mandatory offer is only required for a >30% stake) is to expand its influence at Commerzbank before it is forced to make a mandatory offer. There is still no talk of a deal. The advantage of a voluntary offer is that it does not have to be coordinated with CoBa and the management may not recommend support or rejection, as in the case of a mandatory offer. The voluntary offer also does not have to be submitted to other major shareholders (for example, an offer can be made purely for the free float, without institutional etc. and without acceptance thresholds.

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Kobayashi@Kobayashi

Of course, Coba may also evaluate the offer after careful consideration. It has been doing so diligently for weeks 😀.

And if it is not accepted, there will be no consequences. The shark from Milan will continue on his path and continue to "promote" the trust of CoBa employees with his charming manner

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