Itaú Corpbanca Files Material Event Notice to announce Itaú Unibanco's intention to launch a voluntary tender offer for Itaú Corpbanca's shares

Rhea-AI Summary

Itaú Corpbanca (NYSE: ITCB) announced it has filed a Material Event Notice revealing that its controlling shareholder, Itaú Unibanco, intends to initiate a voluntary tender offer. This offer aims to acquire up to 34.38% of the bank’s shares not already owned by Itaú Unibanco, which holds approximately 65.62% of the shares. The share count for the offer may change due to a reverse stock split being analyzed by the Chilean Commission for the Financial Market. For further details, the complete notice is available on the company’s investor relations website.

Positive

• Controlling shareholder Itaú Unibanco intends to acquire additional shares, indicating confidence in the bank's future.
• The tender offer reflects a strategic move to consolidate ownership.

Negative

• Potential dilution of shares for existing shareholders if the tender offer is exercised.
• The market's uncertainty regarding the reverse stock split may affect investor sentiment.

SANTIAGO, Chile, March 03, 2023 (GLOBE NEWSWIRE) -- ITAÚ CORPBANCA (NYSE: ITCB; SSE: ITAUCORP) today announced that it filed a Material Event Notice with the Chilean Commission for the Financial Market reporting that the Bank has become aware of the intention of its controlling shareholder, Itaú Unibanco Holding S.A. (“Itaú Unibanco”) –holder of approximately 65.62% of the issued, subscribed and paid shares of the Bank– to launch, directly or indirectly through its affiliates, a voluntary tender offer to acquire up to all of the shares of the Bank not owned by Itaú Corpbanca (the “Tender Offer”), representing approximately 34.38% of the issued, subscribed and paid shares of the Bank as of today, including those in the form of American Depositary Shares (“ADS”), each of which represents 1,500 shares; the number of shares subject to the Tender Offer may be affected as a result of the reverse stock split agreed at the Bank’s Extraordinary Shareholders’ Meeting held on January 19, 2023 and currently under analysis by the Comisión para el Mercado Financiero (“CMF”).

The full Material Event Notice is available on the company’s investor relations website at ir.itau.cl.

Investor Relations – Itaú Corpbanca
+56 (2) 2660-1701 / IR@itau.cl / ir.itau.cl

FAQ

What is the significance of Itaú Unibanco's tender offer for ITCB shares?

The tender offer indicates Itaú Unibanco’s confidence in Itaú Corpbanca and aims to consolidate ownership, potentially altering the stock's market dynamics.

How much of Itaú Corpbanca's shares is Itaú Unibanco planning to acquire?

Itaú Unibanco plans to acquire up to 34.38% of Itaú Corpbanca's shares not owned by it.

What impact could the reverse stock split have on the tender offer for ITCB shares?

The reverse stock split may affect the number of shares available for the tender offer, causing potential adjustments to shareholder value.

When was the Material Event Notice filed by Itaú Corpbanca?

The Material Event Notice was filed on March 3, 2023.

Where can I find more information about Itaú Corpbanca's tender offer?

Further information can be found in the full Material Event Notice on the company’s investor relations website.