Consortium wins regulatory approval for Deutsche Euroshop bid
BERLIN, June 9 (Reuters) - The Hercules BidCo consortium said on Thursday it had won German regulatory approval for its 1.4 billion euro ($1.50 billion) bid for shopping centre investor Deutsche Euroshop DHRPY. nL5N2XF1B8
Shareholders can sell their shares until July 7, it said. nL5N2XF1B8
Hercules BidCo is controlled by Oaktree Capital OAK PRA and Cura Vermoegensverwaltung, which is owned by entrepreneur Alexander Otto who already holds around one-fifth of Deutsche Euroshop.
The pandemic has put shopping centres under pressure, with the family-controlled Otto Group among those expanding its online business in recent years.
The consortium is offering Deutsche Euroshop shareholders 21.50 euros per share as it aims to buy over 50% of the company's shares in a transaction set to take place in the third quarter.
The offer represented a premium of around 40% when Hercules first made the offer on May 23, but the announcement pushed Deutsche Euroshop shares up by a similar percentage to 22.50 euros on the same day.
Deutsche Euroshop was trading at 22.04 euros per share at 1220 GMT.
($1 = 0.9334 euros)
(Reporting by Zuzanna Szymanska, Editing by Miranda Murray)
((firstname.lastname@example.org; +49 30 4036 18603;))