Vastned Retail N.V., which directly and indirectly holds 65.49% of the shares in Vastned Retail Belgium NV, has notified the Belgian Financial Services and Markets Authority (FSMA) of its voluntary and conditional public takeover bid for all shares in Vastned Retail Belgium. Vastned Retail N.V. confirms the bid price of €57.50 per share.
Taco de Groot, Chief Executive Officer Vastned Retail N.V commented: "We are pleased to announce the launch of the takeover bid, this is an important next step in the development of Vastned Retail N.V. With a premium of 26.7% compared to the volume weighted average share price in the three month period prior to the Initial Announcement of the proposed takeover bid, we are proposing the shareholders of Vastned Retail Belgium a very favourable offer. We have full confidence that the acceptance threshold of 90% will be reached and that we will together successfully conclude this transaction."
By making the bid, Vastned Retail N.V. aims to acquire all shares in Vastned Retail Belgium in order to delist Vastned Retail Belgium and in view of the termination of Vastned Retail Belgium’s status of public regulated real estate company (public BE-REIT) and its simultaneous transformation into a specialized real estate investment fund (FIIS).
Recent legislative reforms in Belgium allow Vastned Retail Belgium to maintain a special tax status, without the need for a listing on a stock exchange. The delisting of Vastned Retail Belgium results in a simplified corporate and governance structure and rationalization of the capital structure, of which the shareholders of both Vastned Retail Belgium and Vastned Retail N.V. will benefit.
The takeover bid does not affect employment at Vastned Retail Belgium nor does Vastned Retail N.V. expect any substantial change in the strategy of Vastned Retail Belgium, it being understood that Vastned Retail Belgium’s public BE-REIT status will be terminated and that it will transform into a FIIS.
The 4 weeks’ acceptance period is expected to commence on 2 May 2018 and to end on 1 June 2018, without any possibility of a voluntary reopening of the bid. Therefore, there will be only one acceptance period during which the shareholders of Vastned Retail Belgium can tender their shares.