Reuters – Advent will Not Increase Bid for Douglas

Private equity firm Advent International said it would not increase its 1.5 billion euro ($1.9 billion) offer for German retailer Douglas, even though it is a way from gaining enough shares. A regulatory filing showed shareholders representing 55.07 percent of Douglas’ stock had accepted the offer. Advent, which has teamed up with the Douglas founding family for the bid, needs to cross the 75 percent threshold for the offer to succeed.

(Reuters) – Private equity firm Advent International said it would not increase its 1.5 billion euro ($1.9 billion) offer for German retailer Douglas, even though it is a way from gaining enough shares.

“We will not add another cent to the 38 euros offered,” managing director Ranjan Sen told Reuters on Thursday.

A regulatory filing showed shareholders representing 55.07 percent of Douglas’ stock had accepted the offer.

Advent, which has teamed up with the Douglas founding family for the bid, needs to cross the 75 percent threshold for the offer to succeed.

Advent already had commitments from the family, plus two of the retailer’s big shareholders, giving it 50.5 percent.

The offer period runs until Dec. 4 and typically investors only tender shares at the last minute.

“Dec. 4 is the decisive day,” Sen said. “We hope that all those involved share our belief that 38 euros a share is a very attractive offer.”

Shares in Douglas were unchanged at 37.75 euros at 1425 GMT. ($1 = 0.7746 euros) (Reporting by Matthias Inverardi; Writing by Victoria Bryan; Editing by Helen Massy-Beresford)

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