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Dec 7, 2012
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Advent holds 93% of German perfume retailer Douglas

By
AFP
Published
Dec 7, 2012

FRANKFURT - US private equity group Advent International has acquired a 93-percent stake in perfume retailer Douglas by way of its 1.5-billion-euro ($1.9-billion) takeover offer, Douglas said Friday.

A total 31.5 million shares had been offered by the end of the acceptance period on December 4, Douglas said in a statement.

"This corresponds to an acceptance quota of 92.57 percent."

In addition, Advent's investment vehicle, Beauty Holding Three, "has made share purchases outside the tender offer of further 0.44 percent and reached a total of 93.00 percent of all outstanding shares," the statement said.

At minimum acceptance rate for the offer to go through was 75 percent.

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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