Commerzbank Inlandsbanken Holding GmbH offered to acquire remaining 17.7% stake in comdirect bank AG (XTRA:COM) from its shareholders for approximately €290 million on September 26, 2019. Commerzbank is offering comdirect’s shareholders €11.44 per share in cash to acquire 25 million comdirect Shares in a squeeze out transaction. Commerzbank will finance the offer costs through this existing liquidity. The Bidder intends to make no changes for the employees of comdirect and their representative bodies, including the material terms and conditions of their employment, 23 until the merger of comdirect into Commerzbank takes effect. The completion of the acquisition offer is subject to a minimum acceptance threshold of 90%. The deal is subject to the terms and conditions to be set out in the offer document. On November 13, 2019, the Management Board and the Supervisory Board of comdirect consider the offer price of €11.44 to be appropriate and recommend the shareholder of comdirect to accept the offer. The period for accepting the offer begins upon publication of the offer document on October 30, 2019 and it will end on December 6, 2019. Hartwin Bungert, Oliver Rieckers, Dirk Bliesener, Matthias Cloppenburg, Eric Becker and Moritz Evertz of Hengeler Mueller Partnerschaft von Rechtsanwälten mbB acted as legal advisors for Commerzbank. Markus Stephanblome, Nazari-Khanachayi and Arian of Bank Of America Merrill Lynch acted as financial advisors to Commerzbank Inlandsbanken Holding GmbH and comdirect bank. Clearstream Banking AG acted as Custodian Bank to comdirect bank. Dr Volker Land, Dr Stephan Schulz, Dr Maurice Séché, Sebastian de Schmidt and Dr Patrick Mückl of Noerr LLP acted as legal advisors to comdirect bank. Barclays PLC acted as financial advisor to comdirect bank AG. Commerzbank Inlandsbanken Holding GmbH cancelled the acquisition of 17.7% stake in comdirect bank AG (XTRA:COM) from its shareholders on December 6, 2019. By the end of the acceptance deadline, comdirect shareholders had tendered a total of 457,343 shares. Including the comdirect shares already held by Commerzbank, this shareholding corresponds to a proportion of approximately 82.63% of all the shares. This means that the offer condition of a minimum acceptance threshold of 90 per cent has not been met so that the acquisition offer is not executed. comdirect shareholders will therefore initially retain their shares. The integration of comdirect will now take place by means of a direct merger into Commerzbank.