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
