DGAP-News

United Internet initiates accompanying tender offer for Drillisch

DGAP-News: United Internet AG / Key word(s): Offer United Internet initiates accompanying tender offer for Drillisch 26.05.2017 / 10:22 The issuer is solely responsible for the content of this announcement. Montabaur, May 26, 2017. As part of the step-by-step acquisition of 1&1 Telecommunication SE ("1&1 Telecommunication") by Drillisch AG ("Drillisch") under the umbrella of United Internet AG ("United Internet"), United Internet today published the offer document ("offer document") for the accompanying voluntary public tender offer ("tender offer") to the shareholders of Drillisch. Prior to this, the Federal Financial Supervisory Authority had approved the publication of the offer document in accordance with the German Securities Acquisition and Takeover Act. The tender offer gives Drillisch shareholders the opportunity to tender their no-par value bearer shares in Drillisch AG (ISIN DE 0005545503) at a price of EUR50.00 per share, each representing a proportionate amount of EUR1.10 of the share capital. This price is about 8.3 percent higher than the three-month volume weighted average share price of EUR46.18 for Drillisch stock on the reporting date of May 11, 2017, that the Federal Financial Supervisory Authority reported to United Internet. The tender offer will be made in accordance with the terms specified in the offer document and is subject to merger control approval. There will be no minimum acceptance threshold. The acceptance period for the tender offer begins today (May 26, 2017) and will end on June 23, 2017, midnight (Frankfurt a.M. time). United Internet will mainly use bank loans to finance the Drillisch shares tendered as part of the tender offer. The tender offer is part of an overall transaction that United Internet and Drillisch agreed upon in a business combination agreement signed May 12, 2017. This agreement envisages a step-by-step acquisition of 1&1 Telecommunication by Drillisch under the umbrella of United Internet and specifies the key details of this acquisition. According to the plan, United Internet's mobile and fixed-network business, which is bundled in 1&1 Telecommunication SE, is to be merged with Drillisch's mobile communications business.