Deutsche EuroShop AG / Key word(s): Agreement/Offer
Signing of an investor agreement in view of a voluntary public takeover offer by Oaktree and CURA
Hamburg, 23 May 2022 – Deutsche EuroShop AG, Hamburg (ISIN: DE0007480204) (“Company”), has today entered into an investor agreement with Hercules BidCo GmbH, Munich (“Bidder”), pursuant to which the Bidder will make a voluntary public takeover offer (“Offer”) for all outstanding shares of the Company for EUR 21.50 per share in cash. In addition, the Company's shareholders will receive the amount of the dividend payable for the financial year 2021, which is expected to be EUR 1.00 per share, resulting in a total offer value of EUR 22.50 per share.
The Bidder is a subsidiary of Hercules Holdings S.à r.l., a holding company which will in the future be jointly controlled by affiliates of Oaktree Capital Group Holdings GP, LLC and the limited partnership CURA Vermögensverwaltung G.m.b.H. & Co. ultimately controlled by Mr. Alexander Otto.
The Offer will be subject to a minimum acceptance threshold of 50.0% plus one Share (including certain shares already held by Mr. Alexander Otto and entities controlled by him, including Kommanditgesellschaft CURA Vermögensverwaltung G.m.b.H. & Co.) and certain other customary conditions, including merger control clearance of the acquisition by the European Commission or the competent authorities in individual member states of the European Union, as applicable.
On the basis of the investor agreement, the Management Board and the Supervisory Board welcome and support the Bidder's Offer and believe that the Transaction is in the best interests of the Company. Subject to the review of the Offer Document to be published by the Bidder in the course of the Implementation, the Management Board and the Supervisory Board intend to recommend to the shareholders of the Company to accept the Offer.
With regard to the changed shareholder structure in the event of a successful implementation of the Offer, the Company will cancel its annual general meeting convened for 23 June 2022 and will reconvene it for end of August 2022.
Deutsche EuroShop AG
Issued by: Patrick Kiss, Head of Investor & Public Relations
|Company:||Deutsche EuroShop AG|
|Phone:||+49 (0)40 413 579-0|
|Fax:||+49 (0)40 413 579-29|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1358347|
|End of Announcement||DGAP News Service|