Aareal Bank Investor Kretinsky Supports Takeover Bid

(Bloomberg) -- Aareal Bank AG’s key investor Daniel Kretinsky is supporting the takeover bid for the German lender after suitors Advent International and Centerbridge Partners increased their offer to 1.86 billion euros ($2.1 billion) last week, according to two people familiar with the matter.

The bidders on Monday morning said the acceptance rate of the takeover offer stands at 26.99%, adding that the figure includes an option for 6.85% of the lender’s share capital. The Czech billionaire’s investment vehicle Vesa Equity Investment holds an 7.8% stake in Aareal Bank, according to data compiled by Bloomberg.

Spokesmen for the bidders and Kretinsky declined to comment. The people familiar asked for anonymity to discuss internal information. Reuters reported earlier that Kretinsky was backing the sweetened bid.

Teleios Capital Partners and Petrus Advisers, two other large shareholders, have previously rebuffed the takeover offer over diverging views on valuation. A key point of contention was the lender’s software arm, known as Aareon AG, whose value the investors said wasn’t reflected in the price. 

The offer is conditional on a 60% acceptance rate and shareholders have until Feb. 2 to tender their stock.

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