NIBC agrees to Blackstone's reduced takeover offer

NIBC has agreed to a proposed takeover by Blackstone , the Dutch bank said on Monday, despite the U.S. private equity firm lowering its bid in light of the COVID-19 pandemic.

FILE PHOTO: The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange April 4, 2016. REUTERS/Brendan McDermidAMSTERDAM: NIBC has agreed to a proposed takeover by Blackstone , the Dutch bank said on Monday, despite the U.S. private equity firm lowering its bid in light of the COVID-19 pandemic.

NIBC said its board unanimously recommended the new offer, as it said it still offered the best option available for all parties involved. Majority shareholders JC Flowers and Reggeborgh, which together hold about 75per cent of NIBC's shares, have promised to tender their shares at the newly agreed price.Advertisement

NIBC services around 600 small firms and 400,000 retail clients in the Netherlands and reported a net profit of 194 million euros last year.

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