Following the intended offer of CACEIS for all shares of KAS BANK, CACEIS submitted the draft Offer Memorandum to the Dutch Authority for the Financial Markets (AFM) on 17 May 2019.
The submission was made within the specified deadline and legal term of 20 May 2019. The AFM can now request further clarifications on the deal, and once it is satisfied with the responses and CACEIS has provided all necessary information, it will be in a position to approve the Offer Memorandum, which CACEIS can thereafter publish.
20 May 2019
The offering period for shareholders will also start with the publication of the approved Offer Memorandum. It will also be announced until when shareholders have the opportunity to respond to the offer and if sufficient shareholders tendered their shares, CACEIS will declare the offer unconditional. The transaction is expected to be completed in the third quarter of 2019.
Sikko van Katwijk, Chairman of the Managing Board of KAS BANK: "The acquisition process is going well and according to plan and we expect CACEIS to be able to launch its offer in the second quarter, as previously announced. Although the transaction is not formally completed, and we therefore cannot officially start the integration, the preparations for the integration are already fully underway. We are working with combined teams from CACEIS and KAS BANK to prepare for a flying start on 'Day 1' - while the rest of the organisation is fully focused on continuing the business as usual. As a subsidiary of CACEIS, we look forward to serving our clients even better."
Five key facts about the acquisition
On 25 February, we announced that CACEIS intended to make a public offer for all the shares in KAS BANK. Some key facts of the proposed transaction are set out below:
- The transaction gives KAS BANK the balance sheet and scale it needs in today's competitive market. CACEIS will, in turn, with KAS BANK have a full-fledged business in the Netherlands
- The acquisition is aimed at retaining clients and employees. Current clients such as pension funds, insurers, investment funds, asset managers, private banks, family offices and government agencies will continue to be served from the current local offices. In addition, our clients will continue to have a designated point of contact (client manager).
- KAS BANK's local knowledge and skills will be deployed wider and further developed with KAS BANK becoming the global centre of excellence for pension funds for CACEIS.
- The service offering will significantly be extended, with among others: private equity, real estate administration and Transfer Agency services. Furthermore, we will be able to offer follow-the-sun processing as CACEIS is also active in Hong Kong and Canada.
- After the acquisition, KAS BANK will act as a subsidiary of CACEIS and will be active under the CACEIS brand name.
More information on the strategic rationale can be found in the press release published on 25 February 2019.