Germany-based Bremer Kreditbank AG has offered €24.86 per share in cash to squeeze out minority shareholders in Oldenburgische Landesbank AG, the latter lender announced March 26.

The offer is pending the approval of Oldenburgische Landesbank's annual general meeting May 11. Bremer Kreditbank is the majority shareholder of Oldenburgische Landesbank, having raised its stake to some 95.3% in February.