Bidders for Germany's Aareal Bank lower acceptance threshold (updated)

Aareal Bank AG

18/01/2022 15:35

* Deal faces opposition from major shareholders
    * Offer extended to Feb 2 from Jan 19
    * Acceptance rate lowered to 60% from 70%

 (Adds detail, background)
    FRANKFURT, Jan 18 (Reuters) - Bidders for Germany's Aareal
Bank  ARLG.DE  on Tuesday lowered the threshold for acceptance
of their offer, giving investors a further two weeks to decide
as the suitors try to overcome opposition to the proposed $1.9
billion takeover.
    By Monday evening fewer than 5% of investors had accepted
the offer, far short of the 70% the consortium was seeking ahead
of a Wednesday deadline.
    The buyout group, which includes United States-based Advent
International and Centerbridge Partners, is now seeking 60%
acceptance by Feb. 2.
    The bidders have offered 29 euros a share, valuing the
German real estate lender at 1.7 billion euros ($1.93 billion). 
    Management supports the deal but big investors, including
Petrus Advisers and Teleios, are unhappy with the price.
 urn:newsml:reuters.com:*:nL8N2TS5JF  urn:newsml:reuters.com:*:nL8N2SE0XN
($1 = 0.8807 euros)

 (Reporting by Tom Sims and Alexander Huebner
Editing by David Goodman)
 ((Tom.Sims@thomsonreuters.com; +49 30 220 133 645;))