Fortis Cashes holders tender 63%
BNP Paribas on Monday evening completed a tender offer for €3bn of Fortis Bank convertible and subordinated hybrid equity-linked securities (Cashes) with a high acceptance rate that belied a protest from a bondholder group last week.
The bank accepted 1.888bn of the Cashes in the tender, a 63% acceptance rate. It is paying 47.5% for the bonds.
It is expected to convert the bonds into the underlying Ageas shares. The insurer said that it would later provide details of the effects of an unwinding of
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