XXXLutz announced on Wednesday evening that a voluntary public takeover bid had been made and commitments had already been received for around 50 percent of Home24’s share capital. Together with shares from a planned capital increase, around 60 percent of the future share capital of Home24 has already been secured.
Home24 is listed on the Frankfurt Stock Exchange in the Prime Standard. The online furniture retailer also owns the furniture store Butlers with 100 branches in the DACH region and another 25 in the rest of Europe. Home24 is headquartered in Berlin and employs almost 3,000 people worldwide. The company is active in seven European markets: Germany, France, Austria, the Netherlands, Switzerland, Belgium and Italy. Home24 is also active in Brazil under the “Mobly” brand.
XXXLutz wants to offer Home24 shareholders a purchase price of EUR 7.50 per share. The offer price corresponds to a premium of 124 percent on the XETRA closing price of Home24 shares on October 4, 2022, the last trading day before publication of the decision to submit an offer, according to the announcement. In relation to the volume-weighted average price of the stock over the last three months, the premium is 142 percent. There is no minimum acceptance threshold for the offer. In addition, XXXLutz has committed to subscribe to a capital increase of almost 10 percent of the share capital.
Home24 is to be continued by the current management team. In addition, the company’s headquarters in Berlin and the main locations of the Home24 Group will remain in place. The core brands of the Home24 Group, including Home24 and Butlers, will be retained as independent brands. The Management Board and the Supervisory Board of Home24 want to support the offer and recommend that the shareholders accept the offer.
XXXLutz has undertaken not to conclude a domination and profit and loss transfer agreement with the company for a period of at least 3 years after completion of the transaction. The Home24 share is to be delisted after the offer has been completed.
Source: Nachrichten
