BinckBank NV, a Dutch online brokerage with a market value of almost 319 million euros ($360 million), is considering an offer of 6.35 euros a share by closely held Saxo Bank A/S.
Denmark-based Saxo Bank said it was proposing to acquire all of BinckBank’s outstanding shares, which according to data compiled by Bloomberg would put the value of the deal at about 429 million euros. Both companies said in separate statements confirming an earlier report by Bloomberg that talks are continuing, though there was no certainty an agreement would be reached.
BinckBank is working with advisers and could announce an accord within weeks, said people familiar with the matter who asked not to be identified because the details aren’t public.
Shares of BinckBank, founded in 2000, have gained about 6 percent this year. That compares with a 18 percent decline in the Amsterdam Small Cap Index. They closed at 4.72 euros in Amsterdam Friday, which would make the premium on Saxo Bank’s offer 35 percent.
Operating in the Netherlands under the Binck and Alex brands, the company also has branches in Belgium, France, Italy and Spain. It held 633,000 accounts in 2017, and posted earnings excluding some costs of 149 million euros, according to its website.
Chinese billionaire Li Shufu’s Zhejiang Geely Holding Group Co. owns 52 percent of Saxo Bank, which offers online trading for stocks, currencies and financial derivatives, according to its website.The firm plans to seek a securities license in China, co-founder and Chief Executive Officer Kim Fournais, who holds almost 26 percent of the firm, said in April