Major investors had publicly resisted the idea of offering their shares, with one calling the offer “crappy”.
In a last-ditch effort last month, the buyout group, which included U.S. firms Advent International and Centerbridge Partners, raised its offer from 29 to 31 euros per share, valuing the creditor at 1.86 billion euros ($2.13 billion). of dollars).
But on Friday, potential buyers said the minimum acceptance threshold of 60% had not been reached. “Consequently, the takeover offer is void and will be unwound,” he said in a statement.
The management of Banque Aareal and its supervisory board had supported the operation.
Chairman and CEO Jochen Kloesges said in a statement following the announcement of the failure of the operation that the bank’s shareholders wanted on the contrary “to continue to support us on the path to creating sustainable value”.
“We will maintain an in-depth dialogue with our investors,” he added.
Major investors who opposed the deal during the bidding process said on Friday they were happy with the failure.
Petrus Advisers, which holds a nearly 16% stake, has called for leadership changes at Aareal.
“As lead investor, we look forward to a change at the helm of Aareal and the creation of value for all shareholders,” he said.
Adam Epstein, co-founder of Teleios, which holds a 5% stake in the bank, said he was satisfied with the result.
“Aareal’s board must do more to defend the company against such blatant opportunism in the future,” he said.
($1 = 0.8731 euros)