The nearly 12 million shares were bought at 12 pence each which represents approximately 3.6 percent of Deutsche Land’s capital.
The company held by Dinu Patriciu has launched a cash tender offer, following the regulations of the London Stock Exchange. The acquisition price is still 12 pence/share.
For the full ownership of Deutsche Land, Dinu Patriciu will have to pay around 27 million pounds (30 million euros), the market value of the company being around 380 million euros. The fund’s total debt amounts to 434 million euros.
Therefore, the acquisition price in the mandatory cash offer is 9% above the company’s closing price in the last trading session at London Stock Exchange.
“We acquired 29.9 percent of stake in Deutsche Land by participating in the company’s recent placing at 12 pence. We are now offering to buy all the shares in the company at the same price. Our offer provides liquidity at a fair price to those shareholders who wish to sell their shares in Deutsche Land”, said Dinu Patriciu.
In mid June, Dinu Patriciu acquired via Black Sea Global properties a 29.9% stake in Deutsche Land for 11.4 million pounds.
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