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Regulator says Icade not required to bid for ANF shares under planned merger

In a joint statement, Icade and ANF Immobilier said the French Financial Markets Authority's evaluation affirmed that the companies' proposed merger does not call for the filing of a mandatory buyout offer by Icade for the ANF shares.

The Autorité des marchés financiers came to the conclusion at a meeting held May 29.

As planned, ANF will merge into its fellow French diversified real estate investment trust through the exchange of 3 Icade shares for 11 ANF Immobilier shares, or an exchange ratio of 0.273 Icade share per ANF Immobilier share.

The deal remains subject to the consent of ANF and Icade shareholders at extraordinary meetings slated for June 28 and June 29, respectively.

Completion of the proposed merger is expected to occur June 29.