XXXLutz clears competitors out of the way: furniture giant swallows German dealers

Created: 06/01/2023 17:17

By: Victoria Krumbeck

Once again the furniture giant XXXLutz is expanding.

The group of companies announced that it would take over the online retailer home24.

Munich/Wels - The Austrian furniture store XXXLutz got rid of another competitor: He secured 92.67 percent of the shares in the Berlin online furniture retailer home24.

The takeover will take place as soon as all antitrust approvals have been received.

XXXLutz is thus further expanding its takeover strategy.

The group of companies includes some or all of Roller, Poco and Mann Mobilia.

XXXLutz secures 92.67 percent of home24 shares - takeover follows

home24 launched the voluntary and public sales offer last year.

The future takeover was announced by the XXXLutz Group on Monday (January 2nd) after the additional acceptance period for the offer had expired.

The furniture store had already announced its plans to take over home24 in October.

XXXLutz offered home24 shareholders a price of EUR 7.50 per share.

The offer was thus 124 percent higher than the closing price of the share on the day before the offer was announced.

However, the price was far from the issue price of EUR 28.50 at the IPO in June 2018.

A XXXLutz furniture store.

© MANUEL GEISSER/IMAGO

home24's top management supported the Austrian furniture store's takeover bid from the start.

Especially in view of the current slump in consumption, the new investor home24 will provide more robustness, as the head of the online retailer, Marc Appelhoff, told the dpa in October.

The company will benefit from the support of the furniture giant in purchasing and logistics, but will continue to operate as an independent company.

XXXLutz after the takeover: home24 is taken off the stock exchange

Even before the offer was announced, XXXLutz is said to have secured around 60 percent of the voting rights at Home24.

Around 50 percent from the shareholders and the rest from a planned 10 percent capital increase at home24 with the exclusion of the subscription rights of the other shareholders.

After the offer has been settled, XXXLutz intends to delist the home24 share from the stock exchange.

The upcoming takeover should not bring any changes for the nation's largest home24 outlet in Cologne, as a spokeswoman for the company

said.

(vk/dpa)