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Fairfax Financial Holdings Ltd Signs Agreement With Eurobank Ergasias SA For Acquisition Of Stake In Eurobank Properties Real Estate Investment Co

Wednesday, 19 Jun 2013 03:53am EDT 

Eurobank Ergasias SA announced that it signed a transaction agreement with Fairfax Financial Holdings Ltd. According to the agreement Eurobank Properties would proceed with a share capital increase to raise EUR 200 million with preemption rights in favor of Eurobank Properties’ existing shareholders (the “Rights”) at an offer price per new share of EUR 4.80; Fairfax would purchase Eurobank’s Rights at an aggregate cash consideration of EUR 20 million and also exercise its own Rights, thereby by investing approximately EUR 164 million, it will be increasing its participation to 42% (from 19% currently), while Eurobank would hold 33.5%, assuming that all other shareholders of Eurobank Properties will exercise their Rights; and Eurobank and Fairfax would enter into a shareholders’ agreement that would allow Eurobank to retain management control of Eurobank Properties until June 30, 2020, while Fairfax would have representation in the board of directors of Eurobank Properties and customary veto rights for transactions of this type. This agreement shall be in force for as long as Eurobank’s participation in Eurobank Properties remains above 20%,.