The shopping center is part of the Deutsche Euroshop portfolio.
(Photo: dpa)
Berlin Major shareholder Alexander Otto wants to completely incorporate the shopping center investor Deutsche Euroshop and is teaming up with the US financial investor Oaktree Capital. A total of 1.4 billion euros would be offered, said the bidding consortium Hercules BidCo on Monday, which is controlled by Oaktree and Otto’s asset management company Cura.
The Board of Management and the Supervisory Board of Deutsche Euroshop have already backed the offer. The transaction should be completed in the third quarter.
Specifically, Hercules BidCo is offering a dividend of EUR 22.50 per share and thus a premium of 44 percent to Friday’s closing price. Deutsche Euroshop shares rose more than 42 percent after the start of trading.
The entrepreneur Alexander Otto already holds around a fifth of the Hamburg company. The offer is subject to a minimum acceptance threshold of 50 percent plus one share.
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