Richard Homburg has agreed to dispose of his holdings in Uni-Invest N.V., a Dutch real estate investment fund that he has managed since 1991. A cash Offer of EUR 12.75 ($19.12) per share of Uni-Invest N.V. has been made by a consortium led by the Merwede Group and Lehman Brothers Real Estate Partners.
The Offer values the ordinary share capital of Uni-Invest at EUR 884 million ($1.326 billion). The offer price represents a premium of 19.8% over the closing price of EUR 10.64 ($15.96) per Uni-Invest share on 28 June 2002, the last trading date prior to the announcement and a premium of approximately 2% to the estimated fully diluted net asset value per share as at 30 June 2002. The total value of the transaction represents about EUR 2 billion ($3 billion) which makes it the largest single real-estate transaction in the NetherlandsÂ' history.
Mr. Homburg, CEO of Uni-Invest, has irrevocably agreed to tender all of the shares in Uni-Invest which he controls directly and through a related company representing approximately 20% of the outstanding ordinary shares of Uni-Invest. In addition, the Bid Consortium has agreed to acquire from Mr. Homburg through Uni-Invest Holdings (NL) B.V. and Uni-Invest Priorities B.V. all of the priority shares and 'protective measures' of Uni-Invest, for EUR 55 million ($82.5 million).
Mr. Homburg is proud of having procured this cash Offer for all shareholders following the sale of the 'protective measures'. The offer price solves the discount on which the Uni-Invest shares have been traded during the last three years.
Mr. Homburg states that with his disposition of his Uni-Invest interest, he looks forward to having more time to devote to the opportunities to grow Homburg Invest Inc. in Canada and the eastern United States. The companyÂ's business plan is to grow into a billion-dollar company within five to seven years.
(source: Homburg Invest Inc.)