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Banking, finance, and taxes

National Bank of Greece, Healthy Enough for M&A (NBG)

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By Jon C. Ogg Updated Published
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National Bank of Greece SA (NYSE: NBG) is doing something odd.  It is trying to make an acquisition.  It was not that long ago that there were serious worries about NBG’s future.  Now, NBG has made a friendly stock-for-stock offer to local Alpha Bank to acquire it.

NBG said the terms call for Alpha holders to receive 8 new NBG shares for each 11 outstanding Alpha shares, roughly a 23% gain to yesterday’s close in Athens.  The Athens Stock exchange temporarily suspended trading in shares of both banks, but the news in Athens caused a local market rally of almost 3%.

To imagine that NBG is strong enough to acquire another bank might seem like a tough sell.  It was just in late-2010 that the PIIGS were trying to recover from a near catastrophe that actually threatened the Eurozone.  Shares are up 8.7% at $2.26 and the 52-week range is $1.48 to $4.50, but this was a $10.00 stock in 2008.

JON C. OGG

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About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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