Repurchase offer to the shareholders – Noerr advises TAG Immobilien AG on Dutch auction

The law firm Noerr has advised TAG Immobilien AG on the structuring of its share repurchase offer for a total value of 122.7 million euro. The final price will be determined in a modified Dutch auction. Overall, the cash offer is for the repurchase of up to 13,129,831 shares.

The auction gives the shareholders of TAG Immobilien AG the opportunity to tender their shares to the company at a price ranging between 8.35 and 9.35 euro per share by 14 October. On 10 September, the share which is listed on the Frankfurt stock exchange’s regulated market (Prime Standard) had a closing price of 8.77 euro. The final offer price – which will be the same for all shares – will be determined on the basis of the shares tendered and the prices offered by the shareholders. It is the lowest price within the offer price range correspond to the TAG can purchase up to 13,129,831 shares. The TAG Immobilien AG offer is one of the first share buybacks on the German capital market to be performed as a Dutch auction.

Advising for Noerr were the Frankfurt capital markets lawyers, Dr Laurenz Wieneke and Dr Stephan Schulz. The firm regularly advises TAG Immobilien AG on capital markets and real estate transactions, most recently advising on the sale of its commercial real estate portfolio with a value of approx. 300 million euro.

Advisor to TAG Immobilien AG: Noerr LLP

Dr Laurenz Wieneke and Dr Stephan Schulz

Associate: Christian Ruf (all Capital Markets, Frankfurt)