Commerzbank: comdirect board recommends takeover bid

(CercleFinance.com) - The board of German online bank comdirect on Wednesday recommended a bid from Commerzbank, saying that its price was "adequate.
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"The offer price is within the determined value ranges and, therefore, in the view of the management board and the supervisory board, reflects an adequate company value (...) at the present time," comdirect said in a statement.

On 20 September, Commerzbank announced its intention to submit a voluntary cash takeover bid on comdirect at a price of 11.44 euros per share, representing a premium of 25%.

Commerzbank welcomed the statement with its CEO Martin Zielke adding "now is the right time to accept our offer."

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