Founding Family Kreke and Advent International, a private equity firm, announced voluntary public tender offer for Germany's Douglas Holding AG (DOU.DE, DUGLF.PK).
Beauty Holding Three AG, a holding company, which is held indirectly through funds advised by Advent International, published its decision to make a voluntary public takeover offer to the shareholders of Douglas Holding to acquire all shares in Douglas Holding for 38 euros per share in cash.
As per the terms of the tender offer, Douglas shareholders will receive a premium of 41.6 percent over the four-week volume weighted average price of Douglas shares of 26.83 euros prior to the emergence of takeover rumors on 11 January 2012. In the offer document the bidder will commit itself to not increase the offer price of 38 euros. The minimum acceptance threshold will be 75 percent.
Advent said that the acceptance of 50.5 percent of the share capital of Douglas Holding AG has already been secured. The Kreke family as well as the major shareholders Oetker and Müller have made a binding commitment to accept the offer at the announced price and to sell their shares. With execution of the public tender offer the Kreke family will become an indirect 20 percent shareholder in Beauty Holding Three AG. The remaining shares are held by funds advised by Advent.
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