Shares in Deutsche Euroshop surge in pre-market trade on takeover offer

1 min read

BERLIN – Shares in Deutsche Euroshop jumped 31.2% in Lang & Schwarz pre-market trade on Monday after a consortium of bidders offered 1.4 billion euros ($1.48 billion) to acquire the German shopping centre investor.

Hercules BidCo’s offer provides for 21.50 euros per share, a 44% premium on Friday’s closing share price.

Hercules Bidco is controlled by financial investor Oaktree Capital and Cura Vermoegensverwaltung, which is owned by Alexander Otto. The entrepreneur already owns around one-fifth of the Hamburg-based Deutsche Euroshop.

($1 = 0.9436 euros)

(Reporting by Nadine Schimroszik, writing by Rachel More; Editing by Paul Carrel)