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Shares Trading of NBG and Alpha Bank under screening

The shares of National Bank of Greece and Alpha Bank are under the microscope of Greece’s  Capital Markets Commission, news portal  reported. The screening refers to the trading of the shares in the period of time between January 18, when the administration of NBG approached the management of Alpha for the first time, and February 21, the first trading day after the temporary suspension.

when the merger offer was was announced but was rejected.

It should be noted that from the beginning of the confidential negotiations between the two bank managements  until the official announcement of  the NBG offer, the stock prices increased by 33% for Alpha Bank (3,78 euro on January 17 and 5.5 euro on February 21) and 18% for National Bank (6.44 euro on January 17 and 7.6 euro on February 21).

The volume of transactions on February 21 (first trading day after the temporary suspension on Feb ) was more than four times the normal trading for Alpha Bank and more than three times for National Bank.

On February 18, 2011 National Bank made its merger offer public. Five hours later Alpha Bank rejected the offer.
According to my information the confidentiality agreement between the two banks was expiring on February 18. National Bank had two options: either to extend it or to make it public.
Quite some small investors saw with suspicion the announcement…
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