Aareal's top shareholders agree to raised buyout offer (updated)

Aareal Bank AG

05/04/2022 06:36

* Buyout group wins commitments to tender 37% of stock
    * Move comes after offer price raised to 33 euros/share
    * Buyout group to make public takeover offer in due course

 (Adds further details, background)
    BERLIN, April 5 (Reuters) - A buyout group seeking to take
over Germany's Aareal Bank  ARLG.DE  in a $2.2 billion deal said
on Tuesday that it had secured commitments from shareholders to
tender around 37% of stock after it raised its offer price
again.
    The buyout group, which includes U.S.-based Advent
International and Centerbridge Partners, raised its offer price
to 33 euros per share after a sweetened offer for 29 euros
failed last month.  urn:newsml:reuters.com:*:nL1N2UF1RL
    Big investors had publicly resisted tendering their shares,
with one calling the offer "lousy."  urn:newsml:reuters.com:*:nL8N2U60U6
    Now Petrus Advisers, Teleios Capital, Vesa Equity Investment
and Talomon Capital have agreed to accept a tender offer of 33
euros per share in cash or to sell shares to the bidder outside
the tender offer, Advent and Centerbridge said in a statement on
Tuesday.
    The shareholders have also committed to partially reinvest
into a long-dated, illiquid indirect participation of
approximately 20% in the buyout group's investment vehicle.
    The raised offer values Aareal Bank at 2 billion euros
($2.19 billion), Advent and Centerbridge said, adding the buyout
group would make a voluntary public takeover offer to all
shareholders in due course.
    

($1 = 0.9122 euros)

 (Reporting by Maria Sheahan, editing by Emma Thomasson)
 ((maria.sheahan@thomsonreuters.com; +49 30 22013 3680;))