Scout24 board approves Blackstone consortium’s €5.7bn takeover
Blackstone has won the support of Scout24's board with its latest offer of €5.7bn (£5.01bn) for the German online classifieds company.
The bid sent Scout24's share price up more than 24 per cent during early morning trading to €46.60, more than the current offer is worth.
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The offer stands at €46 a share, higher than the €43.5 per share bid rejected last month, and a premium of around 27.4 per cent based on the share price in December.
The bid will be made through holding company Pulver Bidco, which is jointly controlled by funds advised by Hellman & Friedman and affiliates of Blackstone.
“Hellman & Friedman and Blackstone are known to Scout24 as trusted and long-term partners given their prior ownership and familiarity with the company," said Scout24 boss Tobias Hartmann.
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"The terms of the offer represent an attractive opportunity for a highly strategic partnership that recognises the quality of the Scout24 platform, its employees, customers and partners. I am delighted about our joint long-term vision and ambition to turn Scout24 into a leading European digital player.”
The takeover offer is subject to a minimum acceptance threshold from shareholders of 50 per cent plus one.