Investor calls for resignation of chair of Germany's Aareal Bank (updated)

Aareal Bank AG

10/02/2022 08:21

(Updates with details)
    FRANKFURT, Feb 10 (Reuters) - Activist investor Teleios,
which holds a 6% stake in Germany's Aareal Bank  ARLG.DE , on
Thursday called for the resignation of the lender's chairman,
according to a letter.
    Aareal is reeling from a $2.1 billion buyout attempt that
failed last week, and Teleios is one of the big investors that
cheered the bid's demise for undervaluing the company.
 urn:newsml:reuters.com:*:nL1N2UF1RL
    The letter https://www.teleioscapital.com/documents/2022-02-10-Teleios-Letter-to-the-Board-of-Aareal.pdf,
 addressed to the supervisory board and signed by Adam Epstein
of Teleios, marks the first detailed reaction by the investor,
which has long called for changes at the German real-estate
lender.
    The letter said that the protagonists of the buyout deal,
including chair Hermann Wagner, should "acknowledge their
misjudgement and resign now".
    Teleios is the second big investor to call for Wagner's
resignation after Petrus Advisers did so last week.  urn:newsml:reuters.com:*:nF9N2IR01Q
    A spokesperson for Aareal didn't want to make an immediate
comment.
    

 (Reporting by Tom Sims; Editing by Riham Alkousaa and Maria
Sheahan)
 ((Tom.Sims@thomsonreuters.com; +49 30 220 133 645;))