Nordfyns Bank cancels the planned general meeting on Wednesday, which was to discuss the merger with Fynske Bank.
On Wednesday, Nordfyns Bank was supposed to hold an extraordinary general meeting about a possible merger with Fynske Bank, but it has now been canceled.
The bank writes in a stock exchange announcement that it has determined that there is not a sufficient majority among the shareholders to complete the merger. Therefore, it will now discuss the situation with Fynske Bank to investigate other options for obtaining a yes to a merger of the two banks.
Fynske Bank has made the same announcement. They have also cancelled an extraordinary general meeting for the same reason, without however abandoning plans for a merger for that reason. Earlier this month, SJF Bank, formerly known as Sparekassen Sjælland-Fyn, announced that they would not vote in favour of a merger.
SJF Bank, which owns almost 25 percent of the shares in Nordfyns Bank, does not believe that the exchange price that the shareholders of Nordfyns Bank have been offered in connection with the merger is good enough.
“The price is too low. That’s why we say no. I have a responsibility to the shareholders who are in my bank,” said Lars Petersson, CEO of SJF Bank, at the time.
A two-thirds majority of the votes cast at both extraordinary general meetings is required for the merger to be approved. The Danish Competition and Consumer Authority has already approved a possible merger of the two banks.
Fynske Bank is already the result of a merger in 2013 between Vestfyns Bank and Svendborg Sparekasse. The bank currently has 10 branches on Funen, Langeland, the Triangle area and Aarhus.
Nordfyns Bank is a more than 100-year-old bank, founded in Bogense in 1897. It has eight branches in northern Funen and has both its headquarters and a business center in Odense.
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