Aareal Bank has concluded an investment agreement with a bidding company indirectly held by Advent International and Centerbridge Partners on 23 November 2021.
The investment agreement sets out the terms and conditions for a voluntary public takeover offer by the bidder to the shareholders of Aareal Bank AG to acquire all shares against a cash consideration of EUR 29.00 per share. Aareal Bank Group is evaluated at EUR 1.736 billion based on this offer price. Following approval by BaFin, the offer document is expected to be published in mid-December 2021. Apart from other customary conditions, the takeover offer provides for a minimum acceptance threshold of 70 per cent and is subject to final approval by the relevant local authorities and other regulatory requirements.
Perella Weinberg acts as financial advisor of the management of Aareal Bank AG. Gleiss Lutz advises Perella Weinberg on takeover law issues and other aspects in connection with the transaction.
The following Gleiss Lutz team advised Perella Weinberg on the transaction: Dr. Jochen Tyrolt (partner, lead), Oliver Wolf (both Stuttgart) and Florian Schorn (Munich, all Corporate/M&A).
Gleiss Lutz has extensive expertise in public takeovers and is regularly involved in top-flight deals (both friendly and hostile). Gleiss Lutz advises Perella Weinberg on a regular basis, most recently, for example, in connection with the multi-billion takeover of Hella by Faurecia or the takeover of Deutsche Wohnen by Vonovia.
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