The move comes after the state had given Hypo $135.5 billion inguarantees, after which its financial performance did not improve.A potential government bid was first announced in January.
Hypo closed trading yesterday at 1.20 per share. Thegovernment's offer is a 15.8% premium over that price.
The firm is 25%-owned by US private-equity investor J.C.Flowers, whose firm J.C. Flowers & Co., is based in New YorkCity. Flowers bought his stake in Hypo last June at 22.50 euros pershare, close to its 52-week high of 24.31.
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