DGAP-News
Aroundtown launches joint cash offer for Globalworth Real Estate Investments Limited
DGAP-News: Aroundtown SA / Key word(s): Takeover/Real Estate THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF APPLICABLE LAWS OR REGULATIONS |
AROUNDTOWN ANNOUNCES JOINT CASH OFFER FOR GLOBALWORTH REAL ESTATE INVESTMENTS LIMITED
14 APRIL 2021
Aroundtown SA (the 'Company' or 'AT'), together with CPI Property Group SA ('CPIPG') (together the "Consortium"), announced their firm intention to launch a joint cash offer for Globalworth Real Estate Investments Limited ("Globalworth"). The Consortium, which holds over 50% of the issued share capital of Globalworth, is seeking to further increase its joint ownership through an offer to Globalworth shareholders to acquire their shares at a price of at €7.0 in cash for each tendered Globalworth share that the Consortium does not already own.
Both AT and CPIPG hold a strategic long-term investment in Globalworth and believe that their joint effort to pool their expertise is the best way to lift further value potential in Globalworth's business. Both companies have competitive advantages that are complementary in supporting Globalworth to become a stronger business under the Consortium's ownership, benefiting from the significant experience of both AT and CPIPG in successfully managing and operating large real estate businesses. Further, AT is providing strong asset and management skills, which will be enhanced by the local operational management knowledge of CPIPG, as well as rich financial experience and liquidity firepower.
The cash offer is expected to keep Aroundtown comfortably within its conservative financial matrix, supported by Aroundtown's low leverage and very large liquidity balance of over €3 billion of cash and liquid assets as of December 2020.
More information is available on the Company's website under the following link. https://www.aroundtown.de/investor-relations/joint-offer-for-globalwor ...