On February 6, Erste proposed a price of 1.09 lei (EUR0.25) per share to minority holders.
The price is similar to the one proposed by Erste to the five regional investment funds, or SIFs, when buying their stakes in BCR.
The total stake is thus evaluated at RON62 million.
The offer was set to conclude on February 24, but it was later extended until March 30, and now until May 25.
An Erste letter to BCR minority holders shows that more than 50% of the stake targeted is already on the table, following positive replies received to the offer.
This latest offer is the third one made by Erste to the minority shareholders, which include current and former employees, as well as broker Actinvest, Carina Import Export, Milord Impex and Certinvest Dinamic.
Erste holds 92.26% in BCR, while SIF Oltenia (SIF5.RO), the only SIF that hasn’t sold its stake, holds 6.59%.