Saxo Bank Gets Green Light to Take Over Dutch Broker BinckBank
- Saxo Bank is proposing to acquire all of BinckBank’s outstanding shares for €6.35 per share.
Saxo Bank won the permissions of the Dutch and pan-European regulators to acquire BinckBank, a Netherlands-based online broker, for €424 million ($472 million).
The Danish investment service providers said in a joint statement that they obtained “all regulatory clearances” required to close the deal, recommending all shareholders to tender their shares into the offer.
In particular, the two companies said they had secured the ECB’s no objection and the approval of the Dutch central bank on both the appointment of new members to the supervisory board and related changes in the co-policymakers of BinckBank.
The bid for BinckBank takeover began in December 2018, when Saxo Bank, which is a fully licensed and regulated bank, made the first move.
Denmark-based Saxo Bank said it was proposing to acquire all of BinckBank’s outstanding shares for €6.35 per share. At the time, the bid price represented a premium of 35 percent to BinckBank’s share value, which closed today’s trades at €6.33.
The transaction, which was unanimously recommended by BinckBank’s board, was promoted as to help the two firms scale their operations and better manage business pressures.
Competition is heating up
Saxo Bank has extended the initial notification period during which shareholders can submit their shares under the offer to July 31, 2019. Declaring the offer unconditional, however, is subject to the minimum acceptance threshold which requires that at least 80 percent of the shares to be tendered.
Saxo Bank have the formal right to lower the minimum offer threshold to 67 percent of the shares, but the company have expressed no interest in doing that and still expects to meet all conditions. However, in case the acceptance threshold is not satisfied, Saxo Bank may terminate the proposed acquisition.
BinckBank has a significant presence in the Netherlands, France, Belgium, and Italy, and it aims to Leverage Leverage In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders Read this Term Saxo’s deal to expand in the Online Trading Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Read this Term and investment business where competition is heating up. As an online broker, BinckBank offers access to all major financial markets worldwide and supports its customers with discretionary asset management services.
Saxo Bank won the permissions of the Dutch and pan-European regulators to acquire BinckBank, a Netherlands-based online broker, for €424 million ($472 million).
The Danish investment service providers said in a joint statement that they obtained “all regulatory clearances” required to close the deal, recommending all shareholders to tender their shares into the offer.
In particular, the two companies said they had secured the ECB’s no objection and the approval of the Dutch central bank on both the appointment of new members to the supervisory board and related changes in the co-policymakers of BinckBank.
The bid for BinckBank takeover began in December 2018, when Saxo Bank, which is a fully licensed and regulated bank, made the first move.
Denmark-based Saxo Bank said it was proposing to acquire all of BinckBank’s outstanding shares for €6.35 per share. At the time, the bid price represented a premium of 35 percent to BinckBank’s share value, which closed today’s trades at €6.33.
The transaction, which was unanimously recommended by BinckBank’s board, was promoted as to help the two firms scale their operations and better manage business pressures.
Competition is heating up
Saxo Bank has extended the initial notification period during which shareholders can submit their shares under the offer to July 31, 2019. Declaring the offer unconditional, however, is subject to the minimum acceptance threshold which requires that at least 80 percent of the shares to be tendered.
Saxo Bank have the formal right to lower the minimum offer threshold to 67 percent of the shares, but the company have expressed no interest in doing that and still expects to meet all conditions. However, in case the acceptance threshold is not satisfied, Saxo Bank may terminate the proposed acquisition.
BinckBank has a significant presence in the Netherlands, France, Belgium, and Italy, and it aims to Leverage Leverage In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders Read this Term Saxo’s deal to expand in the Online Trading Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Read this Term and investment business where competition is heating up. As an online broker, BinckBank offers access to all major financial markets worldwide and supports its customers with discretionary asset management services.