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Aareal Bank in Wiesbaden
Photo: Fredrik von Erichsen / dpa
A takeover is looming in the financial sector.
The financial investors Advent and Centerbridge want to take over Aareal Bank.
For the institute listed in the SDax, they want to pay 29 euros per share in cash, according to communications from the bank and financial investors.
The institute would thus be valued at around 1.74 billion euros on the stock exchange.
An investor agreement to prepare the offer has already been concluded, the offer documents are expected to be published in mid-December.
The price of 29 euros per share corresponds to a premium of around 23 percent on the closing price on October 6, the day before the takeover talks became known.
Aareal management supports the offer.
A prerequisite for success is reaching a minimum acceptance threshold of 70 percent.
On Monday, Aareal Bank shares closed at EUR 28.10.
The investors are behind Aareal Bank's strategy and want to accelerate the growth of the group, it said.
The necessary investments should therefore also be financed through profits, which is why the second part of the dividend for 2020 should not flow for the time being.
The bank was particularly hard hit by the corona crisis due to its focus on loans for commercial real estate such as shopping centers and offices.
Most recently, however, the bank had achieved a profit boost.
The forecast of a group operating profit of 100 to 175 million euros this year has been confirmed.
mmq / Reuters / dpa