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Jun 20 2012

Kuwait Boubyan Bank's Board Deems NBK $2.25/Share Buy Offer Fair

Wednesday, Jun 20, 2012

BEIRUT (Zawya Dow Jones)--Kuwait's Boubyan Bank (BOUBYAN.KW) Wednesday said its board considers "fair and suitable," National Bank of Kuwait 's ( NBK .KW) offer to acquire an additional stake in it at 0.630 Kuwaiti dinar ($2.25) a share.

This assessment is based on the details of NBK 's offer document and on a report prepared by the consultancy firm Protiviti that Boubyan appointed to study the offer and to evaluate the fair value of its shares, the shariah-compliant bank said in a statement posted on the Kuwait bourse website.

NBK 's shares are trading 1.9% lower at KWD1.020 while Boubyan 's shares are -1.6% at KWD0.620 in an overall negative market.

NBK , the Gulf state's biggest lender by market value, said in April that the Central Bank of Kuwait had approved its plan to increase its stake in Boubyan to 60% from 47.29%.

NBK said last week that its offer, which has also been approved by country's Capital Markets Authority, targets the 921.6 million shares that it doesn't already hold in Boubyan .

-By Shikrallah Nakhoul, Zawya Dow Jones, +961 1 985757, shikrallah@zawya.com

Copyright (c) 2012 Dow Jones & Co.

(END) Dow Jones Newswires

20-06-12 0946GMT


© Copyright Zawya. All Rights Reserved.


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