Alpha Bank SA, Greece’s third-biggest bank, rejected an unsolicited 2.8 billion-euro ($3.8 billion) takeover bid from National Bank of Greece SA, the nation’s largest lender, saying the offer was inadequate.
Alpha’s board voted unanimously to spurn National Bank’s all-stock offer, Athens-based Alpha said in a stock exchange filing today. National Bank urged Alpha to give the offer, made on Jan. 18, “serious consideration,” saying it would create a stronger bank that would be less reliant on emergency funding.
