BNPP rewarded after digging in over Fortis Cashes tender
BNP Paribas held firm on Friday amid a bondholder rebellion as investors spurned a cash tender offer it made earlier last week for €3bn of Fortis Bank convertible and hybrid equity-linked securities (Cashes). And when it announced an acceptance rate of 63% on Tuesday, it belied last week’s protest.
The deal was supposed to unwind the links between BNP Paribas and Fortis Bank, and Ageas, the insurer carved out of Fortis in its 2009 restructuring.
BNP Paribas offered a cash price of 45.0-47.5 for the bonds, a premium to the pre-offer trading level at the 38.0 mark,
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