JD.com (JD) has officially launched the acceptance period for its voluntary public takeover offer for CECONOMY AG, following approval by the German Federal Financial Supervisory Authority (BaFin). The offer period begins today, 1 September 2025, and will run until 10 November 2025, JD.com said in a statement on Monday.
JD.com is offering 4.60 euros per share in cash, representing a premium of approximately 42.6% over the three-month volume-weighted average price (VWAP) as of 23 July 2025—the day before CECONOMY's ad-hoc announcement confirming advanced discussions with JD.com. The offer carries no minimum acceptance threshold, and CECONOMY is expected to be delisted shortly after the transaction is completed.
JD.com said it has already secured irrevocable undertakings from shareholders representing 31.7% of CECONOMY's share capital, bringing its total stake to 57.1% when combined with the retained holdings of its future partner, Convergenta.
Both the Management Board and Supervisory Board of CECONOMY fully support the offer and intend to recommend that shareholders accept it.
Closing of the Offer is subject to customary regulatory closing conditions, including merger control, foreign investment and EU foreign subsidies clearances. Subject to the fulfilment of these conditions and approvals, JD.com expects the Offer to be closed in the first half of 2026.
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