The Enterprise Chamber of the Amsterdam court of appeal approved June 4 a Frasers Property Ltd. subsidiary's proposal to take over and subsequently delist European commercial real estate company Geneba Properties NV.
The approval follows Frasers Property Investments (Holland) BV's acquisition of a 99.6% stake in Geneba Properties following the completion of a roughly €315.9 million all-cash stake purchase deal with Catalyst RE Cooperatief U.A.
Frasers Property noted in a news release the approval allows its subsidiary to proceed with its plan to acquire Geneba Properties in its entirety at a price of €3.74 per share plus 2% accrued annual interest since Sept. 15, 2017. All shares of the target held through NPEX will be transferred to Frasers Property Investments, making it Geneba Properties' sole shareholder.
