MADRID--Spain's Caixabank SA (CABK.MC) on Friday said its offer
for Banco BPI SA (BPI.LB) is fair and will stay on the table
despite being rejected by the Portuguese lender's board.
In a regulatory filing, the Barcelona-based bank said it only
plans to review the situation after its current takeover offer is
finalized--an announcement that quashes hopes for a raised bid for
now.
Caixabank offered in February 1.09 billion euros ($1.21 billion)
for the 55.9% of BPI that it doesn't already own, at EUR1.329 a
share in cash.
Shares of BPI closed Thursday at EUR1.46, and BPI's board said
that under its calculations the bank is valued at EUR2.04 a share.
That excludes an extra EUR0.22 a share from synergies expected
under the merger. Therefore, BPI said, "it doesn't recommend that
its shareholders accept the bid."
BPI's stock has risen sharply this week after another
shareholder publicly rebuked the Caixabank offer and said BPI
should consider merging with Portuguese lender Banco Comercial
Portugues SA (BCP.LB) instead.
Isabel dos Santos, Africa's wealthiest woman and BPI's
second-largest shareholder with a 18.6% stake, said a merger with
Banco Comercial Portugues would create a large domestic lender with
operations in Angola, Mozambique and Poland and a diversified
shareholder base.
Write to David Roman at david.roman@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires