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 on March 20, 2013. Under the terms of the voluntary tender offer, Blitz would acquire the remaining outstanding shares in Adler for a cash consideration of €5.75 per share. By way of a share purchase agreement with the current major shareholder, Blitz has already secured 9.25 million shares at a price of €5.75 per share. The public takeover offer will inter alia under the condition of a minimum quota of 9.25 million shares, including the shares acquired under the share purchase agreement. The offer period runs from April 11, 2013 to May 10, 2013.

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.

Equinox S.A., G&C Holding and Steilmann-Boecker Fashion Point GmbH & Co. KG completed the acquisition of additional 3.93% stake in Adler Modemärkte AG (DB:ADD) for €4.6 million on May 29, 2013.