Tanemo Obtains the Czech National Bank’s Approval to Raise its MONETA Money Bank Stake to 28.36%
Tanemo a.s., a subsidiary of PPF Group, announces that it has received an approval from the Czech National Bank allowing Tanemo to become the owner of up to 30% MONETA Money Bank (MMB) shares under Tanemo’s voluntary tender offer (VTO) to buy MMB stock. This allows Tanemo to buy all shares, representing 28.36% tendered in the VTO.
The CNB approval allows Tanemo to settle the ownership transfer and payment of the Conditioned Part of the VTO transaction. The settlement date for the Conditioned part of the VTO has been set for 20 April 2021. Tanemo already settled the Unconditioned Part of the VTO regarding the shares, representing 10% of MMB shares, on 24 March.
Tanemo submitted its formal approval request to CNB on 24 February 2021. Under the VTO terms, Tanemo offered CZK 80 per MMB share. Tanemo announced its VTO for 20% MMB shares (with an option to increase the volume up to 29%) on 8 February 2021.
Tanemo has confirmation of acceptance assuming the purchase of 141,723,860 MMB shares. PPF is to pay CZK 11.3 billion for the shares tendered in the voluntary buyout process.