Advent, Centerbridge to propose takeover of Germany's Aareal Bank (updated)

Aareal Bank AG

23/11/2021 07:09

(Adds details on takeover proposal and share move)
    BERLIN, Nov 23 (Reuters) - U.S.-based companies Advent
International and Centerbridge Partners floated plans on Tuesday
to launch a takeover offer for Germany's Aareal Bank  ARLG.DE 
that would value the lender at 1.7 billion euros ($1.9 billion).
    The offer price of 29 euros per Aareal share, a 35% premium
over the volume-weighted average during the last three months,
Aareal Bank said in a statement.
    "The announced offer is in the best interests of our company
and its stakeholders," Aareal Bank Chief Executive Officer
Jochen Kloesges said.
    The bank, which specialises in real-estate lending, said
last month that it was in talks over a potential acquisition of
a majority stake with a group of investors.  urn:newsml:reuters.com:*:nL8N2R34DJ
    Shares in Aareal were indicated to rise 2.7% in Lang and
Schwarz premarket trade on Tuesday.
    Private-equity firm Advent and private-investment management
company Centerbridge will pursue the offer through its
investment vehicle Atlantic BidCo GmbH. They plan to develop the
bank's financial services, real estate, software and payments 
segments, said Ranjan Sen, Advent's head in Germany.
    

 (Reporting by Riham Alkousaa; Editing by Christoph Steitz and
Sherry Jacob-Phillips)
 ((Riham.Alkousaa@thomsonreuters.com;))