Ellaktor S.A. entered into a binding offer to acquire additional 38.79% stake in Reds S.A. (ATSE : KAMP) from RB Ellaktor Holding B.V. for approximately ?60.1 million.
April 18, 2024
Share
Ellaktor S.A. entered into a binding offer to acquire additional 38.79% stake in Reds S.A. (ATSE : KAMP) from RB Ellaktor Holding B.V. for approximately ?60.1 million on April 18, 2024. Ellaktor S.A. to acquire 22,277,743 shares corresponding to 38.79% of the share capital and voting rights of REDS. The total consideration amounts to ?60.149 million or ?2.70 per share, which has been confirmed by the valuation exercise and the fairness opinion issued by the independent financial advisor. On the same date, RB Holding has accepted the Offer. The Board of Directors? also unanimously resolved on the Company purchasing additional shares in REDS through the Athens Exchange market, at the same per share consideration of ?2.70, with the aim to acquire shares corresponding to, at least, 95% or greater, of the total number of shares issued by REDS, informing accordingly the authorities. Should a stake greater than 95% be acquired, REDS intends to initiate the process of a voluntary exit from the Athens Exchange, by convening an Extraordinary General Meeting of shareholders to resolve (with a majority vote of 95% of total voting rights) on the delisting of its shares from the main market of the Athens Exchange, following submission of the relevant request to the Hellenic Capital Market Commission. The completion of the transaction is anticipated within three weeks. As of April 22, 2024, Ellaktor acquired 64,082 shares. As of May 22, 2024, Ellaktor acquired 26,456 common registered shares, with voting rights. As of May 29, 2024, Ellaktor acquired 5,535 shares with voting rights. As of May 31, 2024, ELLAKTOR acquired 3,491 common registered shares. As on June 7, 2024, ELLAKTOR acquired 45,359 common registered shares, with voting rights. As on June 11, 2024, ELLAKTOR acquired 49,558 common registered shares, with voting rights. As on June 17, 2024, ELLAKTOR acquired 89,110 common registered shares, with voting rights. at a purchase price of ?2.70 per share. As a result, ELLAKTOR SA holds 97.49% of the total paid-up share capital and voting rights of its subsidiary REDS SA.
Euroxx Securities S.A. (ATSE:EX) acted as fairness opinion provider to Ellaktor S.A.
REDS Real Estate Development and Services SA, a member of the Ellaktor SA, is a Greece-based public shareholding company, engaged together with its subsidiaries, in the real estate development business. The Company undertakes medium and large-scale projects such us Retail and Entertainment, Office, Mixed Use, Exhibition and Conference as well as Residential projects. Its service provision to third parties includes: Concept Design, Issuance of Land Use Permits, Development and Construction Management, as well as Leasing and Property Management Design. The Company has real estate development operations in Greece and Romania. REDS SA subsidiaries include among others Kantza Emporiki SA, Yialou Emporiki SA, PMS Parking Systems SA, 3G SA, Profit Construct Srl and Kartereda Holdings Limited. On December 31, 2012, the Company merged by absorption of its subsidiary, Lofos Pallini SA and on November 30, 2013, it merged by absorption of its 100% subsidiary, YIALOU TOURISM & COMMERCIAL SA.
Ellaktor S.A. entered into a binding offer to acquire additional 38.79% stake in Reds S.A. (ATSE : KAMP) from RB Ellaktor Holding B.V. for approximately ?60.1 million.