Elbstein AG (HMSE:EBS) made an mandatory offer to acquire remaining unknown minority stake in ERWE Immobilien AG on July 19, 2022. The offer price amounts to Ç2.36 per ERWE share. The two members of the Board of Management Axel Harloff and Rndiger Weitzel, who together hold 48.2% of ERWE, will not accept the takeover offer and will continue to be associated with ERWE in their existing responsibilities and as shareholders.

The delisting of ERWE shares from the General Standard in connection with the takeover offer will be applied for at Deutsche B÷rse AG shortly. In future, the shares of ERWE Immobilien AG will be listed in the Scale segment of the Basic Board (over-the-counter market) of the Frankfurt Stock Exchange. Board of Management and the Supervisory Board refer to the independent fairness opinion of Solventis AG and expert believe that offer is not sufficient from a financial perspective.

The Board of Management and the Supervisory Board therefore recommend that shareholders do not accept the offer. The takeover offer runs until 11 August 2022.