Atlantic BidCo's Public Takeover Offer For Aareal Bank Unsuccessful

(RTTNews) - Atlantic BidCo GmbH said that its voluntary public takeover offer for all shares in Aareal Bank AG (AAALF.PK) was not successful.

According to the Bidder's announcement, the minimum acceptance level of 60 percent was not reached by the end of the acceptance period on 2 February 2022. Accordingly, the takeover offer will lapse; existing shareholders will retain title to their tendered shares, which will be re-posted to the original class of shares.

Atlantic BidCo GmbH is a bidder company held indirectly by financial investors Advent International Corporation and Centerbridge Partners, L.P. as well as other co-investors - including the Canada Pension Plan Investment Board.

Meanwhile, Aareal Bank said it plans to continue the growth path already expedited in the past financial year.

Aareal Bank affirmed its stated target for 2023 consolidated operating profit of around 300 million euros; given successful implementation of the growth plans, a markedly higher figure is possible for 2024.

Aareal Bank said it is confident that it will be able to generate consolidated operating profit for the current 2022 financial year that will about reach pre-pandemic levels (2019: 248 million euros).

Furthermore, Aareal Bank plans to put the second dividend tranche of 1.10 euros per share, which was retained in the course of the takeover offer, to the vote at the next Annual General Meeting. In addition, the General Meeting is set to vote on the dividend proposal - yet to be determined - for the 2021 financial year.

Aareal Bank Group will provide more details of its growth plans in all segments when presenting its results for 2021 on 24 February.