Hypo Real Estate will not improve offer to Depfa shareholders - report |
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Published
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Wed, 19 Sep 2007 09:07
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FRANKFURT (Thomson Financial) - Hypo Real Estate Holdings AG does not plan to increase its takeover offer for Depfa Bank plc despite the recent decline in its share price, Financial Times Deutschland reported, citing banking sources.Hypo Real Estate said in July it had agreed to take over Depfa in a deal valuing the Dublin-based public financing specialist at about 5.7 bln eur.The group said it is offering 6.80 eur and 0.189 new Hypo Real Estate shares for each Depfa share, then valuing each share of Depfa at 16.14 eur.However, since the end of July Hypo Real Estate's share price dropped from about 50 eur to less than 40 eur. At 9.31 am, Hypo Real Estate shares were trading at 38.23 eur.The newspaper said, citing company sources, that the Depfa shareholders are nevertheless expected to approve the offer at an extraordinary general meeting on Monday.Hypo Real Estate was not available for immediate comment.judith.csaba@thomson.comjcs/sljCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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EU inquiry deadline for Hypo Real Estate buy of Depfa Sept 28 