Aedes is on the rise Milan Stock Exchange, following the operation announced on Friday by Domus, which will involve the launch of a takeover bid at 0,2922 euros. Following a suspension due to an excess of upside, upon readmission, the shares traded at 0,276 euro, up 2,7% to then yield, maintaining however an increase of 0,37% in the late morning.
Friday Domus, owned by Hines, announced that it has taken over the control of Aedes Siiq buying 51,166% of the capital from Augusto (in liquidation) and 3,69% from Palladium Holding.
The company will therefore ultimately hold 54,86% by paying 44,975 million, of which 41,95 million to Augusto and 3 million to Palladio. The purchaser will finance the operation through its own resources and expects to maintain the current financial debt contracted by Aedes towards third parties.
After closing of the sales that are foreseen within the year, Domus will launch a mandatory takeover bid at 0,2922 euro per share, equal to “the value per share paid pursuant to the purchase and sale contracts”.
From Aedes important properties to be valued for Hines
Hines is a privately held real estate investment firm founded in 1957 with a presence in 285 cities in 28 countries, has a portfolio of approximately $90,3 billion in assets under management.
“This transaction is of significant strategic importance to us for several reasons, because it is the first transaction on a listed company that, like Hines, we carry out in Europe, and because Aedes' real estate assets have significant potential to be exploited and important synergies with what we are already realizing on the market,” he said Mario Abbess, country head of Hines Italy.
The price of the takeover bid carries a premium of between 5 and 18 per cent
Il price of the takeover bid, Domus recalled on Friday, “represents a prize respectively 18%, 5% and 14% of the weighted average market price of Aedes Siiq ordinary shares over the last three, six and twelve months”.
The buyer Domus is a vehicle which, at the closing, will be directly or indirectly owned by a investor consortium including Hines and the Amenduni family's Vi-Ba. Certain funds managed by individuals affiliated with Apollo Global Managementmoreover, "they will make capital endowed with privileged property rights available to the purchaser".
Vi-Ba it also “undertook to accept the offer for its entire shareholding” in Aedes, equal to 9,07 pct of the share capital.
