ADO Properties S.A. (XTRA:ADJ) intends to launch a tender offer to acquire a 3.14% stake in Westgrund AG (XTRA:WEG1) for €29.3 million on March 25, 2020. As of April 17, 2020, ADO Properties S.A., had announced that the offer per share for the acquisition will be €11.71. ADO Properties S.A. will make payment of around €29.3 million for the acquisition. As on May 6, 2020, the bid price was revised to €11.74 per share. The offer will be made for the remaining 3.12% stake. The offer will be settled in cash. ADO Properties expects to finance the acquisition of the Westgrund shares from its existing cash positions which is approximately €300 million. In addition, ADO Properties S.A., has further stated that it has resolved to implement the Takeover Offer as a compensation offer necessary for the delisting of WESTGRUND Shares from trading on the regulated market of the Düsseldorf Stock Exchange. As a result of ongoing takeover of ADLER Real Estate AG by ADO Properties S.A., ADO Properties will become indirect owner of 96.86% stake in Westgrund. ADO Properties and ADLER Real Estate will enter into a non-tender agreement and the voluntary takeover of the remaining Westgrund shares. ADO Properties might also opt for the squeeze out of the remaining shares as it has already crossed the threshold required. The envisaged takeover of WESTGRUND group is not subject to merger control clearance.

The offer commenced on May 6, 2020 and will run till June 3, 2020, with a possibility of an additional acceptance period, which will end on June 22, 2020. Tobias Heinrich, Roger Kiem, Gernot Wagner, Rebecca Emory, Lutz Kraemer, Thilo Diehl, Stefan Bressler, Bodo Bender, Karsten Wöckener, Andreas Lischka, Alexander Kiefner, Holger Wolf, Sebastian Pitz and Tim Bracksiek of White & Case, L.L.P. (Germany) acted as legal advisors to ADO Properties.