Commerzbank Inlandsbanken Holding GmbH entered into a letter of intent to acquire remaining 9.71% stake in comdirect bank AG (XTRA:COM) for approximately 170 million on March 16, 2020. Commerzbank Inlandsbanken Holding GmbH agreed to acquire remaining 9.71% in comdirect bank AG (XTRA:COM) on March 20, 2020. Commerzbank will pay a cash compensation of 12.75 per share to the minority shareholders of comdirect as part of the planned squeeze-out. The conclusion and notarisation of the merger agreement between comdirect and Commerzbank shall take place on March 20, 2020. As a part of the transaction Frauke Hegemann, Chief Executive Officer of comdirect bank will be leaving the company. The annual general meeting on May 5, 2020, shall resolve on the transfer of shares of comdirect's minority shareholders to Commerzbank. The effectiveness of the cash merger squeeze-out is subject to the resolution by the comdirect general meeting and the registration of the transfer resolution and the merger in the commercial registers at the seats of Commerzbank and comdirect. As of Novemeber 2, 2020, Commerzbank has successfully completed the full takeover of comdirect bank and shares of the remaining comdirect minority shareholders will be transferred to Commerzbank in next few days. Christian Wagner, Christoph Trapp and Bernd Singh acted as in-house legal advisor for Commerzbank Inlandsbanken Holding GmbH. Hartwin Bungert, Oliver Rieckers, Matthias Cloppenburg and Petra Mennicke of Hengeler Mueller Partnerschaft von Rechtsanwälten mbB acted as legal advisors to Commerzbank Inlandsbanken Holding GmbH.
Commerzbank Inlandsbanken Holding GmbH completed the acquisition of remaining 9.71% stake in comdirect bank AG (XTRA:COM) on November 2, 2020. ("comdirect"). On November 2, 2020, the merger was entered in the Commercial Register of Commerzbank and therefore became effective. This brings the independence and stock-market listing of comdirect formally to an end. The shares of the remaining comdirect minority shareholders will be transferred to Commerzbank in return for a cash compensation of 12.75 per share within the next few days. Following the merger, Commerzbank and comdirect will initially continue to operate their service offering as before. However, the aim is to merge and expand the offerings of the two banks. The new joint business model still needs to be defined and negotiated with the employee representatives. The previous comdirect locations Quickborn and Rostock will be retained. All employment relationships of comdirect employees that existed on the date of the merger are transferred to Commerzbank.