NIBC board supports Blackstone takeover offer

Blackstone's offer comprises 995 euro cents per share, including the final dividend of 33 cents.

JC Flowers and Reggeborgh currently hold a 75.3% stake in the company, comprising 60.6% and 14.6% respectively.

Blackstone aims to acquire 100% of the shares in the company and de-list it in H2 2020. The bank currently has a market capitalisation of €1.45bn.

In March 2018, JC Flowers floated NIBC at 875 cents per share, comprising a market capitalisation for the company of €1.3bn. JC Flowers owned a 98% stake in the company prior to the IPO and sold a 25% stake to raise approximately €320m, reducing its shareholding to 73%.

In the same month, JC Flowers divested part of its stake in NIBC to Reggeborgh, which bought share capital of 1.2% and agreed to purchase a 5% stake in addition.

In May 2019, Unquote sister publication Mergermarket reported that JC Flowers would have the option to sell more of its shares in the company after the expiry of a 90-day lock-up agreement expiring in June.

JC Flowers originally invested in NIBC in December 2005 in a deal valued at €1.8bn. The GP had planned to list the company in 2007, prior to the financial crisis. It invested €400m in the business during the crisis to support its losses.

NIBC is based in Amsterdam and has a customer base of 600 small businesses and 400,000 retail clients. It employs 711 staff and reported net profit of €83m in H1 2019, according to its latest financial report.

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