Atlantic BidCo, a non-controlled company indirectly held by funds which are respectively managed and advised by Advent International Corporation (Advent), Centerbridge Partners (Centerbridge), CPP Investment Board Europe – a wholly owned subsidiary of Canada Pension Plan Investment Board (CPP Investments) – as well as other co-investors, is to launch a voluntary public takeover offer to all shareholders of Aareal Bank.
Atlantic BidCo and Aareal Bank have renewed their investment agreement. On this basis, the Management and Supervisory Boards of Aareal Bank continue to view the transaction as strategically beneficial for the company and its stakeholders, are unanimously supportive, and intend, subject to review of the offer document, to recommend that Aareal Bank shareholders accept the offer. In addition, the German Federal Financial Supervisory Authority (BaFin) has granted exemption from a one-year blocking period, paving the way for a new public takeover offer.
The Bidder will offer EUR33.00 per share for all outstanding shares of Aareal Bank in cash. This represents a premium of 40 per cent over the last unaffected closing share price on 6 October 2021 and a premium of 54 per cent based on the weighted average price of the Aareal Bank share over the three months ending 6 October 2021. The offer also represents a premium of 6 per cent compared to the last offer price that was announced on 26 January 2022. The offer values Aareal Bank at approximately EUR2.00 billion for 100 per cent of share capital.
