Equinox S.A., G&C Holding and Steilmann-Boecker Fashion Point GmbH & Co. KG announced an intention to bid for remaining 50.04% stake in Adler Modemärkte AG (DB:ADD) for 58.3 million.
Steilmann Holding will provide, Equinox S.A., G&C Holding and Steilmann-Boecker Fashion Point GmbH & Co. KG, a total of 23.1 million, either in the form of equity and/or on the basis of shareholder loans. Commerzbank AG and IKB Deutsche Industriebank AG will provide a line of credit of 59.6 million. The transaction is subject to minimum acceptance threshold achieved, approval by Austrian competition authorities and German Federal cartel office, approval by regulatory authorities. As of April 22, 2013, Executive Board and the Supervisory Board of Adler Modemärkte AG unanimously recommended not accepting the offer as it considered offer price to be inadequate. As of April 23, 2013, the offer price changed to 6.29 per share.
Wilhelm Reinhardt, Andreas Diem, Thomas Fox, Kilian Helmreich, Fabio Coppola, Fabian Jürgens, Annekatrin Pelster, Thomas Poss, Panu Siemer, Andreas Lönner, Geraldine Kearney, Nicole Beyersdorfer, Georg Weidenbach, Bianca Vogt, Andreas Scheidle, Stefan Mayer, Dirk Schnelle, Gaia Guizzetti and Filippo Benintendi of Latham & Watkins Schön Nolte acted as legal advisors to the buyers. Stephan Aubel of Gleiss Lutz acted as legal advisor to Adler Modemärkte AG. Christoph Rothenfußer of Milbank Tweed Hadley & McCloy acted as legal advisor to banks. equinet AG acted as fairness opinion provider for Adler Modemärkte AG.