logo
Plus   Neg
Share
Email

Scout24 Stock Up On EUR 5.6 Bln Cash Offer From Hellman & Friedman, Blackstone

Shares of Scout24 AG were gaining around 12 percent in German trading after the operator of digital marketplaces specialising in real estate and automotive sectors announced its agreement to be acquired by Hellman & Friedman LLC and Blackstone Group L.P. (BX). The voluntary public takeover offer implies an equity value of Scout24 of approximately 4.9 billion euros and an enterprise value of approximately 5.7 billion euros.

In a statement, Scout24 said it has signed an investment agreement forming a strategic partnership with Pulver BidCo GmbH, jointly controlled by funds advised by Hellman & Friedman and affiliates of Blackstone.

Pulver BidCo will pursue the voluntary public takeover offer for all Scout24 shares with a price of 46 euros per share in cash.

The offer price represents about 27.4% premium to the unaffected share price of 36.1 euros on December 13, 2018, and about 24.4% premium to the unaffected 3-month-volume-weighted average share price.

The Takeover Offer will be subject to a minimum acceptance threshold of 50% plus one share.

Both Scout24's Management Board and Supervisory Board believe that the transaction is in the best interests of the company.

In Germany, Scout24 shares were trading at 46.42 euros, up 11.91 percent.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Electronics retailer Best Buy Co., Inc. (BBY) reported Thursday a 27 percent increase in profit for the first quarter from last year, which was impacted by restructuring charges, and higher revenues. Both adjusted earnings per share and revenues for the quarter topped analysts' estimates. The company also provides guidance for the second quarter and reiterated its outlook for the full-year 2020. While reporting financial results for the second quarter on Thursday, Hormel Foods Corp. (HRL) lowered its earnings and net sales guidance for the full-year 2019. For fiscal 2019, the company now projects earnings in a range of $1.71 to $1.85 per share, and net sales between $9.70 billion and $10.20... NetApp Inc. (NTAP) Wednesday reported a fourth-quarter profit that fell short of Wall Street estimates, as revenues slipped 3 percent. Shares of the company slipped 6% in extended trading session after its first-quarter outlook was also short of current expectations. Sunnyvale, California-based NetApp...
Follow RTT