Aareal Bank share: Aareal Bank sets new offer with Advent and Centerbridge

The financier of commercial real estate has concluded an agreement with the bidders, on the basis of which they plan to submit a new takeover bid to the shareholders of Aareal Bank. The shareholders are to receive EUR 33 per share, which includes the dividend of EUR 1.60 announced by Aareal Bank, as the SDAX-listed bank announced on Wednesday evening in Wiesbaden. The minimum acceptance threshold will be 60 percent. The conditions thus correspond to the key data published by the bank and the bidders on Tuesday.

Since the two investors failed with an offer just a few weeks ago, the investors are actually not allowed to bid for a year – unless Aareal Bank and the supervisors lift this block. According to information from Wednesday, the bank is waiving the blocking year. The further required exemption notice from the financial supervisory authority Bafin for the renewed takeover bid by the bidding company (Atlantic BidCo) of the two investors is still pending. Since Advent and Centerbridge have this time secured the support of previously unruly major shareholders, Aareal Bank, after a thorough examination, assumes that the transaction has a high probability of success.

At the beginning of February, Advent, Centerbridge and the Canadian pension fund CPPIB were unable to convince major shareholders with their joint takeover bid. Even an increase in the offer from 29 to 31 euros per share and a minimum acceptance threshold lowered to 60 percent did not lead to success. The hedge funds Petrus Advisers and Teleios had not only refused the offer, but also called on other shareholders not to accept it.

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WIESBADEN (dpa-AFX)

Image sources: Aareal Bank