DGAP-News: Deutsche EuroShop AG / Key word(s): Personnel
Hamburg, 19 July 2022 – The voluntary public takeover bid by Hercules BidCo GmbH (a company in the bidding consortium of Oaktree Capital Management, L.P. and the asset management company CURA Vermögensverwaltung), which Deutsche EuroShop’s Supervisory Board and Executive Board supported as being fair, reasonable and attractive, was successful. On 8 July 2022, Hercules BidCo GmbH announced that the predefined minimum acceptance threshold had been exceeded and that all other bid conditions had also been met.
Wilhelm Wellner, who had temporarily stepped down from the Executive Board due to illness, and Olaf Borkers, the current, sole member of the Executive Board, both decided that they will no longer be available to the company to continue their cooperation in the long term.
Therefore, given the company’s current realignment situation and in order to promptly establish long-term management continuity, the Supervisory Board of Deutsche EuroShop today reached agreement with Mr Wellner on a termination arrangement by best mutual consent and revoked his reappointment as of 1 October 2022. Reiner Strecker, Chairman of the Supervisory Board of Deutsche EuroShop, said: “We very much regret that our cooperation with Wilhelm Wellner on the Executive Board is coming to an end. With his dedication and experience, he has decisively driven Deutsche EuroShop’s growth and manoeuvred the company well through the Corona crisis. On behalf of the entire Supervisory Board, I should like to thank him sincerely for this. We wish Mr Wellner all the very best, along with a full and speedy recovery.”
The Supervisory Board has agreed to Olaf Borkers’ request not to renew his Executive Board contract. Mr Borkers’ appointment will end accordingly as per contract on 30 September 2022. It was agreed that Mr Borkers will subsequently remain available to the company in an advisory capacity for a certain period in order to hand over his official duties. “The Supervisory Board would like to express its sincere thanks to Olaf Borkers for his long and excellent collaboration. Mr Borkers has definitively and successfully shaped Deutsche EuroShop in his 17 years as a member of the Executive Board. We should like to wish him, too, all the best for the future,” said Reiner Strecker, paying tribute to the service and accomplishments of the long-serving board member.
Mr Strecker added: "The Supervisory Board has begun the search for a successor and is confident that it will have news to report on this shortly.”
Deutsche EuroShop - The Shopping Center Company
Deutsche EuroShop is the only public company in Germany to invest solely in shopping centers in prime locations. The SDAX-listed company currently has investments in 21 shopping centers in Germany, Austria, Poland, the Czech Republic and Hungary. The portfolio includes the Main-Taunus-Zentrum near Frankfurt, the Altmarkt-Galerie in Dresden and the Galeria Baltycka in Gdansk, among many others.
|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:||1400861|
|End of News||DGAP News Service|