NLB’s offer values Addiko at approximately €721.5 million, significantly outpacing the €516.8 million valuation proposed by Raiffeisen Bank International (RBI). While RBI’s bid sits at €26.50 per share, Brandes argues that the substantial price gap justifies the regulatory execution risks associated with the NLB transaction. The viability of the NLB deal improved further after the group lowered its minimum acceptance threshold from 75% to 50%.

Brandes expressed skepticism regarding the structure of RBI’s competing proposal, specifically citing concerns over its arrangement with Alta Group. The firm suggested that this structure might allow RBI to close the deal without majority support from independent shareholders. As the takeover battle intensifies, Brandes noted that investors who previously backed the RBI offer retain withdrawal rights following the publication of NLB’s improved terms on July 17.