The financial investors failed in February with a first takeover attempt.
(Photo: imago images/aal.photo)
Dusseldorf The financial investors Advent, Centerbridge and the Canadian state pension fund CPPIB have cleared an important hurdle with their EUR 2 billion takeover bid for Aareal Bank. They collected more than 60 percent of the shares, as announced on Wednesday.
The exact result is expected to be announced next Monday (May 30). The transaction is expected to close in Q4 2022 or Q1 2023, subject to regulatory procedures.
“We are delighted with the successful takeover bid, which will strengthen Aareal Bank’s long-term development and position as a leader in its industry,” said Ranjan Sen, Managing Partner of Advent.
The investors had tied the completion of their offer, among other things, to the condition that they collect at least 60 percent of the shares in the money house. They have now succeeded.
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The original acceptance period expired at midnight on Wednesday night, and the bidders have now announced a two-week extension – this is expected to start on May 31 and end at midnight on June 13, 2022. Advent and Centerbridge are offering EUR 33 per Aareal share, which includes the dividend of EUR 1.60.
Bank to be delisted after takeover
The financial investors failed with their first takeover attempt in February when they cleared the 60 percent hurdle. But with their increased new offer they have the hedge funds Petrus and Teleios on their side.
These had brought down the first advance. Petrus and Teleios, London-based fund Talomon and Czech entrepreneur Daniel Kretinsky have agreed to sell their combined 37 percent stake in Advent and Centerbridge.
The investors had undertaken to support the bank’s growth course and not to sell the lucrative IT subsidiary Aareon for at least three years. The bank is to be taken off the stock exchange after the takeover.
More: Hypo-Vereinsbank CEO Michael Diederich: It is “not a good time” for mergers