Around 78% of WCM shareholders have decided to tender their shares and accept a €440 mln friendly all-share takeover offer from peer TLG Immobilien.
WCM shareholders now have another two weeks to exchange their shares under an additional acceptance period, receiving one new TLG share for every 5.75 WCM shares. This implies a price of €3.36 per every WCM share.
German listed property group TLG first announced in June that it was launching a bid for peer WCM after agreeing to buy a majority stake from the company’s largest shareholders. A combination of TLG and WCM would own almost €3 bn of German real estate.
TLG is acquiring a 26% stake in WCM from German peer DIC Asset, as well as stakes held by WCM supervisory board member Karl Ehlerding and WCM Chief Executive Stavros Efremidis.
WCM has supported the offer, and recommended that its shareholders accept it.
TLG was listed by US private equity firm Lone Star on the Frankfurt Stock Exchange in 2014, and Singaporean sovereign wealth fund GIC held 13% of the shares at end-2016. TLG's portfolio of office, retail and hotels was valued at €2.3 bn in June this year. The main focus is on office properties in Berlin and Frankfurt/Main, and the eastern German cities of Dresden, Leipzig and Rostock.
UBS Europe SE, Frankfurt/Main, Germany, are acting as settlement agent with regard to the offer.
