H&F, Blackstone's offer for Scout24 rejected by shareholders

The consortium, which launched the bid through the holding company Pulver BidCo in February 2019, controlled approximately 42.8% of all outstanding shares at the time of expiry on 9 May 2019. The firms previously stated that they will not launch a new offer for 12 months if they fail to achieve the minimum acceptance threshold.

Scout24's management and supervisory boards supported the consortium's offer of €46.00 per share, which represented a premium of 27% to the company's share price of €36.10 in December 2018. The agreement gave the company an enterprise value of €5.7bn.

At the time of publication, Scout24 was trading at €45.26 per share.

Blackstone and H&F originally bought a majority stake of 70% in Scout24 in 2013 and floated the company in 2015. The listing gave the company a €3.2bn market capitalisation, opening at €30 per share. Blackstone fully exited its holding in 2016 and H&F were fully divested by February 2018.

As of the expiry date of the offer, no other bidder had announced a public takeover in competition with the consortium. 

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