Zalando launches 6.50 euros per share tender offer for About You
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Zalando SE (ZLNDY), an online retailer of fashion and lifestyle products, announced the launch of a 6.50 euros per share public tender offer for About You, following the approval of the German Federal Financial Supervisory Authority (BaFin).
The Acceptance period starts today and is expected to end on 17 February 2025. The Takeover Offer is not subject to a minimum acceptance threshold. Closing of the transaction is expected in summer of 2025, the company said.
The Offer price of 6.50 euros per share represents a premium of 12% to the median analyst target price of 5.80 euros per share and a premium of 107% to About You's 3-month volume-weighted average share price on 10 December 2024.
Zalando noted that it has secured about 80% of About You's share capital for the transaction through agreements with major shareholders-Otto Group, Otto Family, Heartland, and the three founders and management board members of About You-as well as through additional purchases.
The management board and supervisory board of About You support the Takeover Offer and intend to recommend that About You shareholders accept the Takeover Offer.