The takeover of Home24 will be completed as soon as all antitrust approvals are received. After the proposal is finalized, XXXLutz plans to delist home24 stock.
XXXLutz announced plans to take over the online furniture retailer in early October last year. XXXLutz offered home24 shareholders a price of 7.50 euros per share. Thus, the offer was 124 percent higher than the closing price of the share the day before the offer was announced, but far from the issue price of €28.50 at the IPO in June 2018.
home24’s senior management supported the takeover bid from the very beginning. Marc Appelhoff, head of the online retailer, said in October that the new investor will make home24 more robust, especially given the current decline in consumption. The company, which will benefit from the support of the furniture giant in purchasing and logistics, will continue its activities as an independent company.
According to the information provided, XXXLutz had already acquired about 60 percent of the voting rights in Home24 before the offer was announced – about 50 percent from shareholders, the rest excluding subscription rights from other shareholders through a planned 10 percent capital increase at home24.
XXXLutz has also purchased Pfister, Interio and Lipo furniture in Switzerland in recent years.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
