German real estate marketplace owner Scout24 AG completed its public repurchase offer, with 11,400,875 shares were tendered to the company at the offer price of €69.66 (around $84). That corresponds to a buyback volume of €794.2 million ($956.7 million) and an acceptance rate of 81.6% of the total offer volume of up to €974 million ($1173.3 million).
The payment of the offer price and the derecognition of the tendered shares from the respective securities accounts are scheduled as per the value date on 23 April 2021.
“With the announced tender result we have successfully achieved the most important milestone of our capital return roadmap. We are very pleased with the acceptance rate of 81.6% in a highly flexible transaction structure. We believe that this was in the best interest of all our shareholders and appreciate their support and high level of confidence. We will now swiftly implement and communicate the next step in our capital return program,” says Dirk Schmelzer, CFO of Scout24 AG in an announcement.
According to the sale of AutoScout24 in March 2020, the capital of up to €1.69 billion is to be returned to shareholders. With the completion of the public repurchase offer, around €1.28 billion ($1.54 billion) of the plan has been fulfilled. The next measure is a share buyback via the stock exchange of up to €200 million ($240 million), but the company still needs to decide on the next measures regarding the remaining amount.
Scout24 plans to propose to the shareholders at the upcoming Annual General Meeting on 8 July 2021 an additional authorization to buy back shares in the amount of up to 10% of the existing share capital.