Hellenic Bank to bid for 100% of Athena Cyprus Inv.

The Board of Directors of Hellenic Bank Public Company (HB) decided to announce its intention to submit a public offer to the shareholders of Athena Cyprus Public Company (ATH) for the acquisition of up to 100% of the share capital of Athena. The consideration that will be offered is 1 share of Hellenic Bank for every three shares of Athena.
Hellenic Bank and the persons acting in agreement with it already hold 85,590,811 shares, which represent 78.6% of the issued share capital of “Athena”.
The final decision for the submission of the public offer is subject to the EGM approval, which will take place on May 20, 2009 for the issue of shares that will be offered as an exchange for the shares of “Athena”. In case that no approval by the EGM is secured, Hellenic Bank does not intend to offer cash as an exchange.