The revised proposal marks a sharp departure from NLB’s initial cash offer of 29 euros per share. By jumping to 37 euros, the group aims to decisively outmaneuver the Austrian banking giant Raiffeisen, which recently raised its own offer to 516.75 million euros, or 26.50 euros per share.

This tactical move leaves Raiffeisen trailing by 10.50 euros per share, creating a substantial hurdle for the competing bid. Addiko shares, which closed at 26.4 euros on Tuesday, are expected to react sharply to the premium offered by the Slovenian group. The competition underscores the strategic value of Addiko’s regional footprint, forcing both suitors to deepen their pockets to secure control.