Consortium wins regulatory approval for Deutsche Euroshop bid

Deutsche Euroshop AG

09/06/2022 13:22

BERLIN, June 9 (Reuters) - The Hercules BidCo consortium
said on Thursday it had won German regulatory approval for its
1.4 billion euro ($1.50 billion) bid for shopping centre
investor Deutsche Euroshop  DEQGn.DE .  urn:newsml:reuters.com:*:nL5N2XF1B8
    Shareholders can sell their shares until July 7, it said.
 urn:newsml:reuters.com:*:nL5N2XF1B8
    Hercules BidCo is controlled by Oaktree Capital  OAK_pa.N 
and Cura Vermoegensverwaltung, which is owned by entrepreneur
Alexander Otto who already holds around one-fifth of Deutsche
Euroshop.
    The pandemic has put shopping centres under pressure, with
the family-controlled Otto Group among those expanding its
online business in recent years.
    The consortium is offering Deutsche Euroshop shareholders
21.50 euros per share as it aims to buy over 50% of the
company's shares in a transaction set to take place in the third
quarter.
    The offer represented a premium of around 40% when Hercules
first made the offer on May 23, but the announcement pushed
Deutsche Euroshop shares up by a similar percentage to 22.50
euros on the same day.
    Deutsche Euroshop was trading at 22.04 euros per share at
1220 GMT.
    ($1 = 0.9334 euros)

 (Reporting by Zuzanna Szymanska, Editing by Miranda Murray)
 ((zuzanna.szymanska@thomsonreuters.com; +49 30 4036 18603;))