Scout24 AG, a German property portal, has declined a takeover bid by Backstone Group LP and Hellman & Friedman, two giant private equity players, and it seems that this is the best decision, leading the more interest for the company, according to Liberum Capital.
"We see plenty of scope for the joint bidders to come back with a higher bid but we expect other bidders to come through," including other private-equity firms and trade buyers, the investment bank said.
In a recent statement, Scout24 said it had received an offer from Hellman & Friedman and Blackstone valuing the company at €43.50 a share.
“The management board of Scout24 has rejected the proposed offer price as inadequate,” the Munich-based digital ads group said.
Scout24 is best known for its ImmobilienScout24 property listings and AutoScout24 car listings website. The Financial Times reported in December that it had hired advisers to explore a sale, with interest expected from a number of private equity groups.
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