Voluntary and conditional takeover bid on Vastned Retail Belgium NV: acceptance threshold of 90% not achieved
- Acceptance threshold of 90% of the free float not achieved
- Takeover bid does not succeed: Vastned Retail Belgium NV shareholders keep their shares, which remain listed on Euronext Brussels
- Vastned maintains direct result expectation for 2018
Takeover bid does not succeed
Vastned Retail N.V. (Euronext Amsterdam: VASTN) (“Vastned”) today announces the result of the voluntary and conditional takeover bid on the shares of Vastned Retail Belgium NV (Euronext Brussels: VASTB) (“Vastned Retail Belgium”), which was launched on 12 April 2018.
During the four-week acceptance period, which ran from 2 May to 1 June 2018, 1.2 million shares were tendered in the takeover bid, representing 70% of the free float. Vastned regrets that insufficient shares have been tendered to achieve the minimum acceptance threshold of 90%. As Vastned's takeover bid on Vastned Retail Belgium only had one acceptance period, without the possibility of a voluntary reopening of the bid, the takeover bid does not succeed. All shareholders, including the shareholders who have tendered their shares in the bid, keep their shares.
Vastned Retail Belgium remains listed on Brussels stock exchange
With the acquisition of all outstanding shares of Vastned Retail Belgium, Vastned wanted to change the status of Vastned Retail Belgium from a public regulated real estate company (“public BE-REIT”) into a specialized real estate investment fund (“FIIS”). As the minimum acceptance threshold was not achieved, the transformation from a public BE-REIT into a FISS will not take place and Vastned Retail Belgium remains listed on Euronext Brussels.
Together with Vastned Retail Belgium we have done our utmost for a successful transaction, but unfortunately insufficient shares have been tendered and the bid does not succeed. We, and with us a large majority of Vastned Retail Belgium’s shareholders, are of the opinion that the offer price was fair, which was confirmed by the report of the independent expert Degroof Petercam Corporate Finance. We want to thank Vastned Retail Belgium and all advisors for the good cooperation during this process. Vastned Retail Belgium remains an important subsidiary of Vastned and we look forward to a constructive continuation of our cooperation in the future.
Vastned maintains direct result expectation for 2018
As the takeover bid on Vastned Retail Belgium will not succeed, the planned benefits and cost savings will not be materialized. The transaction costs incurred will have a dampening effect on Vastned's result in 2018. We expect the direct result for 2018 to be within the range of € 2.10 - € 2.20 per share.
Vastned Retail N.V.
Investor Relations Manager
Tel: +31 61099 1240
About Vastned Retail N.V.
Vastned Retail N.V. is a listed European retail property fund with a focus on venues for premium shopping. Vastned Retail N.V. invests in selected cities in Europe, with a clear focus on the best retail properties in the most popular shopping streets in larger cities. Tenants of Vastned Retail N.V. are strong and leading international and national retail brands. The real estate portfolio has a size of approximately € 1.5 billion as at March 31 2018.
This press release is also published in English and in French. Should this cause uncertainties, then the Dutch version is decisive.
This press release is not an offer to buy or sell securities or a request for an offer to buy or sell securities.
This press release is in any event not an offer to buy or sell securities or a solicitation of an offer to buy or sell securities (i) in any jurisdiction where such an offer or solicitation is not permitted or (ii) to any person to whom it is unlawful to make such an offer or request. It is the responsibility of every person holding this press release to obtain information about the existence of such restrictions and to ensure that they are respected where applicable.
No steps have been taken in any jurisdiction outside Belgium to make a public offer possible. Neither this press release, nor the prospectus and acceptance form, nor any advertising or any other information may be publicly distributed in a jurisdiction outside Belgium where there are any registration, qualification or other obligations in respect of an offer to purchase or sell effects. In particular, neither this press release, nor the prospectus and acceptance form, nor any other advertising or information, may be publicly distributed in the United States of America, Canada, Australia, the United Kingdom or Japan. Any failure to comply with these restrictions may constitute a violation of the financial legislation or regulations of the United States of America or other jurisdictions such as Canada, Australia, the United Kingdom or Japan. Vastned Retail N.V. and Vastned Retail Belgium explicitly reject any liability for any violation of these restrictions by any person.