Smart files official intention to buy 96% in Bank Forum

Ernamio Consulting Ltd said yesterday it plans to purchase 96.1% of Bank Forum (FORM UK) from Commerzbank (CBK GR). Interfax, citing Smart Holding’s press service, said Ernamio was a Smart Holding affiliate.

Alexander Paraschiy: Bank Forum shares has lost 24% since the first announcement of the deal, widening the theoretical range at which the bidder will be obliged to buy back shares from minorities to UAH 0.696–0.911 per share. As we highlighted earlier, the buyback price cannot smaller than the market price, while Ukrainian legislation does not stipulate the date of reference to determine the market price.