Fair Value REIT-AG's management board and supervisory board intend to review the recent takeover offer by a holding company controlled by funds affiliated with Apollo Global Management LLC as well as the company's possible delisting from the Regulated Market of the Frankfurt Stock Exchange.
The bidder intends to offer whichever is higher of the weighted average price of Fair Value stock on the domestic stock exchanges during the last three months or the last six months prior to the date of the takeover announcement.
The bidder plans to publish the offer price as soon as it receives the average prices from the German Federal Financial Supervisory Authority and will launch the takeover offer simultaneously.
Fair Value said its boards will issue statements regarding the takeover and delisting in due course.
The mandatory tender offer was launched by the bidder, AEPF III 15 Sàrl, for German commercial-property focused developer DEMIRE Deutsche Mittelstand Real Estate AG along with the voluntary takeover offer for its Fair Value subsidiary, which DEMIRE acquired in 2015. DEMIRE said it supports the offer, but certain of its subsidiaries intend to reject it.
