Adler Real Estate: Jumps on takeover offer by ADO

Adler Real Estate AG

16/12/2019 07:45

** Shares in Adler Real Estate  ADLG.DE  jump 13.7% in early
Frankfurt trade  ADLG.F  after ADO Properties  ADJ.DE  makes a
takeover offer for the group
    ** ADO is offering 0.4164 new ADO shares for each share in
Adler, which is equivalent to 14.55 euros per share or a 17%
premium at Friday's closing price
    ** In addition to the offer for Adler, ADO Properties has
acquired a 22.18% stake in CONSUS Real Estate  CC11.DE  and
signed a call option for a 51% holding in the real estate
developer
    ** "While the envisaged synergies are not overly exciting,
in our view, they look fairly substantial when Consus is
integrated into the group," Berenberg says, downgrading Adler to
"hold" from "buy" due to limited remaining upside 
    ** The broker adds that after all three companies have had a
fairly poor share performance this year so far, markets might
take a fresh look following the completion of the merger and the
realisation of synergies
    

 ((bartosz.dabrowski@tr.com))