Tuesday, March 21, 2023

XXXLutz buys in Germany

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Austrian furniture giant

XXXLutz buys in Germany

The Austrian furniture giant XXXLutz has secured 92.67 percent of the shares in the German online furniture retailer home24. The XXXLutz Group announced this on Monday after the acceptance period for the public takeover bid launched last year had expired.

A branch of the Austrian furniture retailer XXXLutz in Rothrist AG in 2018. (Archive image)

The takeover of home24 will be completed as soon as all antitrust approvals have been received. According to its own statements, after the offer has been settled, XXXLutz intends to delist the home24 share from the stock exchange.

XXXLutz announced its plans to take over the online furniture retailer at the beginning of October last year. XXXLutz offered home24 shareholders a price of EUR 7.50 per share. The offer was thus 124 percent higher than the closing price of the share on the day before the offer was announced, but a far cry from the issue price of EUR 28.50 at the IPO in June 2018.

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