Oaktree wants to take over Deutsche EuroShop
Frankfurt and Munich — Oaktree has launched a public takeover offer for Deutsche EuroShop AG. A consortium of private investment funds managed and advised by Oaktree Capital Management, L.P. and CURA Vermögensverwaltung, the family office of the Otto family and parent company of the ECE Group, has announced its decision to launch a voluntary public takeover offer for all no-par value shares of Deutsche EuroShop AG through Hercules BidCo GmbH, which will be indirectly controlled by the consortium. Gibson, Dunn & Crutcher LLP advised Oaktree in connection with its public tender offer for Deutsche EuroShop AG.
The total value for shareholders of EUR 22.50 per share represents a substantial premium of 44.0 percent over Deutsche EuroShop’s unaffected share price of EUR 15.63 per share at the close of trading on May 20, 2022. — Deutsche EuroShop is a major shopping center investor that owns a portfolio of 21 high-quality shopping centers in prime locations in Germany and attractive cities in Central and Eastern Europe.
The offer is a strategic investment in Deutsche EuroShop to ensure that the company can respond to existing challenges and opportunities in the current retail environment. Over the past two years, volatility in the retail sector has increased due to pandemic-related closures, supply chain disruptions, and general consumer uncertainty caused by the war in Ukraine.
Advisor to Oaktree: Gibson, Dunn & Crutcher LLP
The firm was led by Corporate Partner Dr. Wilhelm Reinhardt (Frankfurt) and Claibourne Harrison (London); Partners Alan Samson (Real Estate, London), Sandy Bhogal (Tax, London), Counsel Annekatrin Pelster (Corporate, Frankfurt) and Associates Dr. Dennis Seifarth (Corporate, Munich) and James Chandler (Tax, London).
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