ANF Immobilier: Milestone Reached: Entry by Icade into the Purchase Agreement Subject to Conditions Relating to the Majority ...
October 11 2017 - 1:36AM
Business Wire
Regulatory News:
On 24 July 2017, ANF Immobilier ("ANF") (Paris:ANF) announced
that it had entered into two agreements for exclusive
negotiations:
- one with Icade, relating to the projected acquisition of ANF
by Icade through the acquisition of the majority stake held by
Eurazeo in ANF, followed by a mandatory tender offer, at a price
per share of 22.15 euros ("Icade's Proposed Offer"), with Eurazeo
and Icade also having entered into an agreement for exclusive
negotiations relating to the sale of Eurazeo's majority stake under
such conditions;
- another with Primonial REIM relating to the projected block
acquisition by Primonial REIM, as part of its fund management
activity, of almost all of the "Legacy" real estate portfolio of
ANF Immobilier mixed use assets mainly located in Marseille (the
"Legacy Portfolio"), and of one retail asset in Lyon, for a price
of 400 million euros (excl. duties) (the "Legacy Portfolio Sale
Project").
Such negotiations have just reached an important milestone
towards their completion. Indeed, following the favorable opinions
of their employee representative bodies, Icade and Eurazeo entered
into a binding agreement for the acquisition by Icade of the
majority stake held by Eurazeo in ANF, representing 50.48% of the
share capital and 53.73% of the voting rights of ANF*. The block
acquisition would be completed at the announced price of 22.15
euros per share, i.e., a +5.7% premium over the published triple
net Net Asset Value as of 30 June 2017.
It is recalled that the effective sale of the stake shall result
in the filing by Icade of a public tender offer at a price of 22.15
euros per share (the "Tender Offer").
The effective sale of Eurazeo's majority stake remains subject
to the execution of a binding promise to buy and sell the Legacy
Portfolio.
Finexsi, represented by Mr. Perronet, has been appointed as
independent expert by the supervisory board of ANF to provide a
fairness opinion on the financial terms of the sale of the Legacy
Portfolio, as well as Icade's public tender offer for the remaining
ANF shares.
The effective sale of the majority stake and the Filing of the
Tender Offer are expected to take place during the month of
November 2017.
2017 Financial Agenda Turnover for the 3rd
quarter of 2017 10 November 2017 (prior to the opening of the
market)
About ANF Immobilier ANF Immobilier
(ISIN FR0000063091) is a listed real estate investment company that
owns a diversified portfolio of French office, retail, hotel and
residential properties worth €1.1 billion. It is undergoing a major
transformation to concentrate on commercial real estate, create
value, and support the development of large, dynamic regional
cities. It currently has operations in Bordeaux, Lyon, Marseille
and Toulouse. Listed on Eurolist B of Euronext Paris, ANF
Immobilier is included in the EPRA real estate index
http://www.anf-immobilier.com
*Theoretical voting rights held by Eurazeo as of 21 July 2017
including shares with double voting rights
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