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Alpha Bank Rejects $3.8 Billion Bid From National Bank of Greece

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.