BERLIN — Advent International said it now owns more than 96 percent of Douglas Holding AG, setting the stage for a squeeze-out of remaining shareholders.

The deal for the German perfumery, jewelry, fashion, confectionery and book retail group was officially sealed when the acquisition threshold of 76.2 percent of shares was reached on Dec. 4; an additional acceptance period extended to December 21. In total, Advent bid 1.5 billion euros, or $1.98 billion, at current exchange. 

Beauty Holding Three AG, a holding company indirectly held by Advent and the Douglas founders, the Kreke family, acquired 79.84 percent during the acceptance period, then purchased an additional 2.38 percent of shares outside the tender offer. Added together with the 12.73 percent of shares acquired by the Kreke family’s holding company Lobelia Beteiligungs GmbH, a total of 96.11 percent of shares was reached.

Shareholders who have not yet accepted Advent’s share offer of 38 euros, or $50.15, have until March 20 to tender their shares.

“We are delighted that the offer has received such a positive response, in particular during the additional acceptance period,” said Ranjan Sen, general manager of Advent International in a statement. “Advent International and the Kreke family will now jointly evaluate the resulting options and further promote the development of the Douglas Group.”

Dr. Jörn Kreke, founder and chairman of the supervisory board of Douglas Holding AG commented, “we are very pleased about the clear result and the high acceptance of our offer…With a stable ownership structure, we will now jointly carry forward the success story of the group and strengthen and expand the market position of the Douglas Group.”

Douglas stock opened Wednesday at 38.19 euros per share, or $50.40.

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