Further to the joint press release of Klépierre S.A. and Corio N.V. of 29 July 2014, Klépierre and Corio announced the publication of an offer memorandum in the Netherlands which was approved by the Dutch Autoriteit Financiële Markten or AFM, and that Klépierre published a prospectus which was approved by the French Autorité des marchés financiers on 27 October 2014.
With the publication of the Offer Memorandum, Klépierre is making a recommended exchange offer to all holders of issued and outstanding ordinary shares in the capital of Corio to acquire their Shares on the terms and conditions set forth in the Offer Memorandum.
The transaction offers a unique value proposition to both Klépierre and Corio shareholders. Scale-up effect, with gross asset value (GAV) in excess of €21 billion and a wider combined footprint of prime shopping destinations in key strategic regions of Europe.
David Simon, Chairman of the Supervisory Board of Klépierre, will remain Chairman of the combined group.
The Management and Supervisory Boards of both companies have unanimously recommended the terms of the contemplated transaction.