CACEIS to buy KAS BANK
February 25, 2019

CACEIS and KAS Bank have announced that CACEIS has agreed on a recommended public offer in cash for all securities in KAS Bank.

KAS says the combination makes CACEIS a leading asset service provider in the Netherlands and allows KAS to export its expertise in servicing institutional investors such as pension funds and insurance companies to all the European markets CACEIS is currently servicing.

CACEIS' pan-European ambition is therefore confirmed, with a reinforced position in the Netherlands, that will serve its clients' international development strategy. The acquisition is expected to create value through substantial potential synergies.

Transaction Highlights

KAS and CACEIS have reached conditional agreement on a recommended all-cash public offer by CACEIS for KAS Bank of EUR 12.75 per Security, valuing KAS at EUR 188 million.

The offer represents a premium of 110 percent over the closing price of KAS on Friday, February 22 and 111 percent over the average volume weighted price for the 3 months prior to and including that date.

The Managing Board and Supervisory Board of KAS unanimously support and recommend the offer. KAS and CACEIS have agreed on an integration plan and non-financial covenants for the period after completion.

CACEIS will finance the transaction from its own funds. The offer is expected to be completed in the third quarter of 2019 and is subject to customary conditions, including approvals from the Dutch Central Bank and European Central Bank.

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CACEIS and KAS Bank have announced that CACEIS has agreed on a recommended public offer in cash for all securities in KAS Bank.

KAS says the combination makes CACEIS a leading asset service provider in the Netherlands and allows KAS to export its expertise in servicing institutional investors such as pension funds and insurance companies to all the European markets CACEIS is currently servicing.

CACEIS' pan-European ambition is therefore confirmed, with a reinforced position in the Netherlands, that will serve its clients' international development strategy. The acquisition is expected to create value through substantial potential synergies.

Transaction Highlights

KAS and CACEIS have reached conditional agreement on a recommended all-cash public offer by CACEIS for KAS Bank of EUR 12.75 per Security, valuing KAS at EUR 188 million.

The offer represents a premium of 110 percent over the closing price of KAS on Friday, February 22 and 111 percent over the average volume weighted price for the 3 months prior to and including that date.

The Managing Board and Supervisory Board of KAS unanimously support and recommend the offer. KAS and CACEIS have agreed on an integration plan and non-financial covenants for the period after completion.

CACEIS will finance the transaction from its own funds. The offer is expected to be completed in the third quarter of 2019 and is subject to customary conditions, including approvals from the Dutch Central Bank and European Central Bank.

​​



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