Financial investors already have a majority in Aareal

In her second attempt to take over the Aareal Bank the financial investors Advent and Centerbridge have not yet reached their goal, but are well on the way there. On May 19, the two companies came to a majority of over 51 percent in the Wiesbaden real estate financier. Advent and Centerbridge, which are supported in the transaction by the Canadian pension fund CPPIB, among others, are targeting a minimum acceptance threshold of 60 percent by the end of the acceptance period next Tuesday (May 24).

If the shareholders offer their shares at the same pace as on Thursday, the project could work. Because from Wednesday to Thursday, the bidder consortium’s share increased by 4 percentage points. Advent and Centerbridge are offering EUR 33 per Aareal Bank share. This includes the dividend of EUR 1.60. Just like the failed first bid, the supervisory board and the board of directors of the commercial real estate financier support the new offer.

At the beginning of the year, a takeover attempt failed due to resistance from major shareholders. In April, Centerbridge and Advent started a new attempt after the financial regulator Bafin approved it due to the good prospects of success. Otherwise, the supervisory authority would have had to impose a one-year blocking period on the bidders after a failed takeover attempt.

At the second attempt, the financial investors secured the support of the previously recalcitrant major shareholders. According to the bidders, they have irrevocable commitments from the shareholders Petrus Advisers, Talomon, Teleios and Vesa, who hold around 37 percent of the shares.