Hellman & Friedmand and Blackstone, two private equity firms, have failed to snatch the takeover bid for German-based Scout24. They did not secure the required support of 50 percent of shares, they announced in a recent update on the subject.
The offer from private equity firm Hellman & Friedman, in partnership with Blackstone, had valued the Munich-based company at 5.7 billion euros ($6.4 billion) including debt. It was pitched at 46 euros per share.
Best known for its ImmobilienScout24 home listings in Germany and AutoScout24 car listings across Europe, the company was previously owned by Hellman & Friedman, which acquired a controlling stake from Deutsche Telekom in 2013 before listing the business in 2015.
The bidders said they had received acceptances for only around 42.8% of Scout24 shares. The minimum threshold was therefore not reached, they added.
Scout24 CEO Tobias Hartmann said that although he was in favor of the strategic partnership with Hellman & Friedman and Blackstone, he respected the shareholders’ decision, calling it “a vote of confidence in the company’s future and management”.
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