BinckBank acquires Alex to create a leading full-service online bank
for investors
* Strategic acquisition results in the largest independent
full-service online broker in The Netherlands with a top 5
European position
* Acquisition consideration of ¤390 million[1] in cash
* Financing of the acquisition through a ¤385[2] million fully
underwritten rights issue and existing cash resources
* Combined activities are expected to lead to substantial business
benefits and synergies of approximately ¤18 to ¤20 million (pre
tax) per annum as per 2010
* Tax benefit from the amortisation of Fiscal Goodwill for an
envisaged period of 10 years resulting in an expected annual tax
saving of approximately ¤10 million
* Acquisition expected to be accretive on an adjusted earnings per
share ("EPS") basis as per 2008
* Binck and Alex will continue to exist as separate labels
Three largest shareholders and founding Management Board members,
together holding 38.7% of BinckBank's share capital, have irrevocably
committed themselves to vote in favour of the acquisition
[1] Based on the expected net asset value of Alex on the closing date
of the acquisition of ¤3.0 million.
[2] Based on the expected net asset value of Alex and on the expected
amount of required capital for the combination on the closing date of
the acquisition.