DGAP-News: Aroundtown SA
/ Key word(s): Real Estate/Merger
AROUNDTOWN ANNOUNCES 77.5% FINAL ACCEPTANCE RATE OF THE OFFER TO SHAREHOLDERS OF TLG IMMOBILIEN AG
13 February 2020
Aroundtown SA ("Aroundtown") announces the final result of the voluntary public takeover offer for all shares in TLG IMMOBILIEN AG ("TLG") with an acceptance rate of 77.5%. Including the TLG shares previously held, Aroundtown will hold 77.8% of the shares in TLG following the settlement. The high acceptance rate underlines investors' support and confidence in the value-add potential of the combined companies.
The combination of Aroundtown and TLG will create the leading pan-European office/hotel/residential real estate company with a well-diversified portfolio in top tier European cities, primarily in Germany and the Netherlands, focused on the strongest asset classes. The complimentary platforms embed high value-add potential from the existing properties as well the develop-to-core development potential in prime locations and both companies are looking forward to integrate their capabilities in order to accelerate the extraction of this potential. The merger is credit rating supportive as it will enhance the business profile of both companies while maintaining solid and conservative financial fundamentals, positioning it well for its long-term credit rating target of A.
The resulting increased market cap and higher free float will support the potential inclusion into the DAX index, opening the investor base for new markets with increased visibility and liquidity.
Shmuel Mayo, CEO of Aroundtown: "We are pleased to see a very positive feedback on the merger from the market, which we see reflected in the high acceptance rate. With the strong support received from both shareholder groups and the large scale and strong position of the combined company within the market we feel confident that we can deliver strong long-term accretive value for all shareholders."
Following the agreed new improved governance structure, which will be implemented over the next 12 weeks, TLG decided the intended nominees to be Klaus Krägel and Barak Bar-Hen as members to the new management body of Aroundtown which will consist of a total of 5 members. The final composition of the management body will be decided in the near future.
Klaus Krägel is a supervisory board member of TLG and chairman of TLG's project development committee. Mr. Krägel has extensive experience in the German real estate industry among others as managing director in Goldman Sachs Realty Management as well as managing positions in DIM Holding AG, Deutsche Real Estate AG, Jones Lang LaSalle, AGIV Real Estate AG and GIV Management.
Barak Bar-Hen is the CEO of TLG. Mr. Bar-Hen advised European real estate groups with respect to their operations in Germany and the Netherlands with a focus on developing value add properties. Previously he held various management positions within the Elad Group in the USA and Europe and was appointed as CEO of Elad Europe in 2008. He has many years of experience in the acquisition, development and operation of residential and commercial value add properties.
The settlement date of the new shares to the TLG shareholders that have accepted the tender offer is expected to be on February 19, 2020.
Aroundtown SA (ISIN: LU1673108939) is a public limited liability company (société anonyme) established under the laws of the Grand Duchy of Luxembourg, registered with the Luxembourg Trade and Companies Register (Registre de Commerce et des Sociétés, Luxembourg) under number B217868, having its registered office at 40, Rue du Curé, L-1368 Luxembourg, Grand Duchy of Luxembourg.
T: +352 285 7741
THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES.
THE SECURITIES MENTIONED IN THIS ANNOUNCEMENT HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE SECURITIES ACT), AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT. THERE WILL BE NO PUBLIC OFFERING OF THE SECURITIES IN THE UNITED STATES.
THIS ANNOUNCEMENT IS DIRECTED AT AND IS ONLY BEING DISTRIBUTED IN THE UNITED KINGDOM TO (I) PERSONS WHO HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS FALLING WITHIN ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 (THE ORDER), (II) HIGH NET WORTH ENTITIES, AND OTHER PERSONS TO WHOM IT MAY OTHERWISE LAWFULLY BE COMMUNICATED FALLING WITHIN ARTICLE 49 OF THE ORDER, AND (III) PERSONS TO WHOM IT MAY OTHERWISE LAWFULLY BE COMMUNICATED (ALL SUCH PERSONS TOGETHER BEING REFERRED TO AS RELEVANT PERSONS). THIS COMMUNICATION MUST NOT BE READ, ACTED ON OR RELIED ON BY PERSONS WHO ARE NOT RELEVANT PERSONS. ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS ANNOUNCEMENT RELATES IS AVAILABLE ONLY TO RELEVANT PERSONS AND WILL BE ENGAGED IN ONLY WITH RELEVANT PERSONS.
IN MEMBER STATES OF THE EUROPEAN ECONOMIC AREA (EEA), THIS ANNOUNCEMENT AND ANY OFFER IF MADE SUBSEQUENTLY IS DIRECTED ONLY AT PERSONS WHO ARE "QUALIFIED INVESTORS" WITHIN THE MEANING OF ARTICLE 2(1)(E) OF DIRECTIVE 2003/71/EC, AS AMENDED (THE PROSPECTUS DIRECTIVE) (QUALIFIED INVESTORS). ANY PERSON IN THE EEA WHO ACQUIRES THE SECURITIES IN ANY OFFER (AN INVESTOR) OR TO WHOM ANY OFFER OF THE SECURITIES IS MADE WILL BE DEEMED TO HAVE REPRESENTED AND AGREED THAT IT IS A QUALIFIED INVESTOR. ANY INVESTOR WILL ALSO BE DEEMED TO HAVE REPRESENTED AND AGREED THAT ANY SECURITIES ACQUIRED BY IT IN THE OFFER HAVE NOT BEEN ACQUIRED ON BEHALF OF PERSONS IN THE EEA OTHER THAN QUALIFIED INVESTORS, NOR HAVE THE SECURITIES BEEN ACQUIRED WITH A VIEW TO THEIR OFFER OR RESALE IN THE EEA TO PERSONS WHERE THIS WOULD RESULT IN A REQUIREMENT FOR PUBLICATION BY AROUNDTOWN OR ANY OF THE MANAGERS OF A PROSPECTUS PURSUANT TO ARTICLE 3 OF THE PROSPECTUS DIRECTIVE.
THIS ANNOUNCEMENT MAY CONTAIN PROJECTIONS OR ESTIMATES RELATING TO PLANS AND OBJECTIVES RELATING TO OUR FUTURE OPERATIONS, PRODUCTS, OR SERVICES, FUTURE FINANCIAL RESULTS, OR ASSUMPTIONS UNDERLYING OR RELATING TO ANY SUCH STATEMENTS, EACH OF WHICH CONSTITUTES A FORWARD-LOOKING STATEMENT SUBJECT TO RISKS AND UNCERTAINTIES, MANY OF WHICH ARE BEYOND THE CONTROL OF AROUNDTOWN SA. ACTUAL RESULTS COULD DIFFER MATERIALLY, DEPENDING ON A NUMBER OF FACTORS.
|40, Rue du Curé|
|Grand Duchy of Luxembourg|
|Phone:||+352 288 313|
|ISIN:||LU1673108939, XS1227093611, XS1336607715, XS1403685636, XS1449707055, XS1532877757, XS1540071724, XS1586386739, XS1649193403, XS1700429308, XS1715306012, XS1761721262, XS1815135352, XS1753814141, CH0398677689, XS1857310814|
|WKN:||A2DW8Z, A1Z07A, A18V71, A180VY, A1839S, A1899S, A19LQR, A19QUX, A19Q3W, A19VK9, A19Z76, A19U7Q|
|Indices:||MDAX, MSCI, STOXX Europe 600, S&P 350, FTSE EPRA/NAREIT, GPR 250|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Stuttgart; Dublin, Luxembourg Stock Exchange, SIX|
|EQS News ID:||974751|
|End of News||DGAP News Service|