NYSE, Deutsche Boerse Say No 'Squeeze Out' For German Shares
08 Settembre 2011 - 11:24PM
Dow Jones News
Deutsche Boerse AG (DB1.XE, DBOEF) and NYSE Euronext (NYX) won't
push for a mandatory buy-out of shares in the German exchange
operator that have yet to be tendered in favor of the companies'
planned merger.
Executives for the exchange groups, which sealed an $18.4
billion combination in February, said the planned parent company
over both groups' exchanges wouldn't push for what is known as a
squeeze out under Germany securities law or look to implement such
a policy. More than 95% of Deutsche Boerse shares already have been
tendered in favor of the deal.
"Effecting a squeeze out is not at all necessary to achieve our
financial and synergy goals," said Gregor Pottmeyer, chief
financial officer of Deutsche Boerse, in a statement Thursday.
Pottmeyer said investors in Deutsche Boerse that have yet to
place their shares in favor of the deal--which secured approval
from both companies' stockholders in July--can do so under the
previous terms until Nov. 4. The offer carries a special dividend
payout of 2 euros per share in the combined exchange company, with
one Deutsche Boerse share translating to one share in the as-yet
unnamed operator.
Since the closure of the official tender period on Aug. 1, it
had been up in the air whether Deutsche Boerse would conduct such a
mandatory buy-out of minority shareholders under German law
governing takeovers and stock exchanges. Mounting the 95%
equity-participation hurdle enables a shareholder of a stock
corporation to make such a move, but such action is the decision of
the planned parent.
The companies aim to close their deal by the end of the year.
The proposal now is under examination by a plethora of market and
competition authorities, with an extensive review by the European
Union set to wrap up in mid-December.
-By Jacob Bunge, Dow Jones Newswires; 312-750-4117;
jacob.bunge@dowjones.com
--Ulrike Dauer in Frankfurt contributed to this article.
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