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Germany: Property group TLG Immobilien preparing takeover

 |  May 11, 2017

German property group TLG Immobilien is preparing a takeover offer for peer WCM after agreeing to buy a majority stake from the company’s largest shareholders.

TLG is offering one of its shares in exchange for 5.75 of WCM shares, valuing WCM shares at 3.15 euros apiece, a premium of 4 percent on the average price over the last three months, it said on Wednesday.

Based on the closing price of the TLG’s shares prior to the offer announcement, the offer price amounts to 3.36 euros per WCM share, TLG said.

The offer values WCM at 443 million euros.

Full Content: Reuters

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