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Dec 4, 2012
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Advent acquires 76% of German perfume retailer Douglas

By
AFP
Published
Dec 4, 2012

FRANKFURT - US private equity group Advent International said Tuesday its 1.5-billion-euro ($2.0-billion) takeover of perfume retailer Douglas has been successful, with shareholders already pledging 76 percent of their stock.

"As of December 3, the total number of Douglas shares which have already been tendered ... amounts to 30.053 million shares. This corresponds to a share of approximately 76.21 percent," Advent's takeover vehicle, Beauty Holding Three, said in a statement.

That is above the minimum threshold of 75 percent for the takeover to be successful.

Officially, the deadline for the offer expires at midnight (2300 GMT) on Tuesday.

Advent launched its takeover offer for Douglas in October, offering 38 euros per share for all outstanding shares in the publicly-listed retailer.

With 39.4 million shares in issue that valued the company at 1.497 billion euros.

Douglas, which also sells jewellery, chocolates and books, has annual sales of more than 3.0 billion euros and operates a network of some 2,000 stores across Europe.

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