BAM, Offeror and AM believe the expectation is justified that agreement can be reached in connection with a public offer by BAM for the entire issued share capital and all outstanding warrants of AM, whereby BAM, through the Offeror, intends to offer a price of 10.15 in cash for each AM share and a price of 2.30 in cash for each warrant.
BAM, MSREF and AM have already reached agreement on the sale of the entire issued share capital of AM Development to MSREF for an amount of 479 million immediately upon the intended offer being declared unconditional by BAM. MSREF will also assume the outstanding liabilities of AM Development. The sale of AM Development is conditional upon the public offer by BAM being declared unconditional; likewise, certainty of the sale of AM Development to MSREF for the above amount is a condition to the offer by BAM being declared unconditional.
Completion of the public offer for AM and the preceding sale of AM Development to MSREF will result in BAM becoming owner of AM Wonen and AM Grondbedrijf (the residential and land development division) as well as of the holding company, AM itself. BAM will continue these activities in the coming years as an independent entity, in which ING Corporate Investments Participaties B.V. will take a stake of approximately 50%.
AM's Supervisory Board and Management Board unanimously support the intended offer and the sale of AM Development as part of the offer. The transaction is attractive, not least because it strengthens the basis for achieving the growth strategy of AM's individual business units and takes account of the interests of the company and all stakeholders of the company.