簡單解釋一下我的了解 NBG這個tender offer主要就是針對持有其在US發行的特別股股東們(非普通股)。 欲收購的價格以12.5美元/股計算 (面額的一半)，不包括任何利息 如果ryo板友持有的是普通股的話，基本上這個新聞就可以跳過不看， 如果是特別股的話，就看ryo板友要不要把股份賣回去給NBG 我個人是持有不少的NBG特別股，我也不打算參加這次的tendor offer。原因如下 1. NBG已經開始獲利，而法律上規定如果有連續獲利(忘記多久)的話，就必須要發股息 假設tender offer過後價格維持在12.5，他的殖利率也有18% 2. 目前特別股的價位已經來到12.44，NBG如果真的要用12.5收購，直接在市場收購即可 另一方面，12.5這個價位一點也不迷人，才面額的一半.... 3. 由於是在US發行的特別股，哪天NBG不爽要CALL回所有的特別股，他一定非得用面額買 我這筆資金是打算長期投資，我可以等 4. 等到NBG開始發股息後，我相信它的價位會相當快的回到20塊以上 參考看看摟 我個人是認為: Hold ※ 引述《ryosaiba (秋天的風)》之銘言： : 有關近日NBG的ADS的新聞 小弟有點搞不太懂新聞的意思 : 想跟大家請教一下 懇請大家指教 : ------------------------------------------------------------------------ : ATHENS, May 31, 2013 /PRNewswire/ -- National Bank of Greece S.A. (the Bank) : announces today that it has launched an offer to purchase for cash up to : 22,500,000 of the outstanding 25,000,000 American Depositary Shares (ADS : CUSIP 633643507) (each, an "ADS" and collectively, the "ADSs"), each : representing one of its Non-Cumulative Preference Shares, Series A, nominal : value EUR0.30 per share (the "Preference Shares"), upon the terms and subject : to the conditions set forth in the Offer to Purchase dated May 31, 2013 (the : "Offer to Purchase") and the accompanying Letter of Transmittal (the "Letter : of Transmittal"), which, as each may be amended and supplemented from time to : time, constitute the offer (the "Offer"). On the terms and subject to the : conditions of the Offer, the Bank is offering to pay $12.50 per ADS net to : the seller in cash, less any applicable withholding taxes and without : interest, after deduction of any other applicable fees and taxes, for ADSs : validly tendered and not validly withdrawn (the "Tender Offer : Consideration"). : 這段的主要意思是否為NBG打算用二千二百五十萬美元購買二千五百萬的ADS : 且每股ADS為0.3歐元?還是每股ADS以12.5美元來購買呢?? : The Offer aims to generate Core Tier 1 capital for the Bank and to further : strengthen the quality of its capital base. : The Bank will purchase up to 22,500,000 ADSs. If more than 22,500,000 are : validly tendered and not validly withdrawn, the ADSs tendered will be : purchased on a pro rata basis. As of May 30, 2013, there were 25,000,000 ADSs : outstanding. All of our outstanding Preference Shares are represented by : ADSs. The offer is not conditional on any minimum number of ADSs being : tendered or the availability of any financing. However, the Offer is : conditional on certain conditions, as set out in the Offer to Purchase. : The Offer and withdrawal rights will expire at 12:00 midnight, New York City : time, on Friday, June 28, 2013 (being the end of the day on June 28, 2013), : unless the Bank extends the offer (such time and date, as the same may be : extended, the "Expiration Time") and subject to the absolute right of the : Bank, in its sole discretion and in accordance with applicable law, to : terminate or amend the Offer at any time. Holders of ADSs ("ADS Holders") may : validly withdraw tendered ADSs at any time prior to the Expiration Time. Any : ADSs validly tendered and not validly withdrawn prior to the Expiration Time : may not be withdrawn unless the Bank extends the Expiration Time or is : otherwise required by law to permit such withdrawal. : 這段的主要意思是否為2013.6.28為最後交易日 如果沒有賣出的話 就由NBG收購 : 且不再得以交易 除非NBG另開設另一段期間 : Settlement is expected to occur on July 3, 2013 (the "Settlement Date"), : subject to the rights or obligations of the Bank to extend or amend the : Offer. : The Bank will submit for cancellation any ADSs purchased pursuant to the : Offer, and will cancel the Preference Shares represented thereby, subject to : the requisite corporate approvals for cancellation of the Preference Shares. : The Bank will publicly announce no later than 9:00 a.m., New York City time, : on the first business day following the Expiration Time the results of the : Offer, the aggregate number of ADSs accepted for purchase by the Bank, the : satisfaction or waiver of the Offer conditions and the proration factor, if : applicable. : 這段的主要意思是否為如果沒在2013.6.28前賣掉的ADS 將於2013.7.3註銷 : --------------------------------------------------------------------------- : 心得: : 1.就整篇新聞來看 NBG的ADS到底是NBG以每股0.3歐元來購買?還是以12.5美元來購買呢?? : 小弟英文不是很好 就這篇的寫法 意思認定上的不同將會造成不同的判斷 : 2.如果ADS沒有在交易日前賣掉的話 是否會轉換成NBG的優先股呢? : 如果是的話 的確是可以常抱的標的 但是如果不是的話 趕快離開才是上策 : 最後 請各位術有專攻的版友們 麻煩提供一下意見 或者討論 交流一下意見 : 感激不盡 --

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