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Nabarro acts for AIM-listed Summit Germany on recommended cash offer
27 April 2009
Nabarro LLP is acting for AIM-listed Summit Germany Limited (Summit Germany) in connection with a recommended €57.5 million cash offer made for the company by Unifinter Administratiekantoor B.V. (Unifinter Administratiekantoor), a wholly owned subsidiary of Summit Real Estate Holdings Limited.
Shortly before the offer was published, Unifinter Administratiekantoor increased its holding of Summit Germany shares from 28% to 58%, making a cash offer mandatory under Rule 9 of the Takeover Code. Unifinter Administratiekantoor intends for Summit Germany to maintain its listing on AIM provided enough of its shares remain in public hands at the close of the offer period.
Summit Germany is a closed ended investment company incorporated in Guernsey whose shares are admitted to trading on AIM. It is a property fund that specialises in investments in German commercial real estate whose portfolio of investments has been adversely affected by recent economic conditions and the downturn in the German real estate sector.
Nabarro corporate partner Richard Beavan led the Nabarro team which also included corporate associate Richard Bootle. Unifinter Administratiekantoor was advised by Norton Rose. Summit Germany's corporate finance adviser was Fairfax IS.
Commenting on the transaction, corporate partner Richard Beavan said:
"At a time when AIM is being subjected to some negative press, it is a vote of confidence in the AIM market that the offerer is happy to see existing shareholders retain their shares and for Summit to maintain its listing."
If you would like any further information or have any queries please contact:
Natalie George
Lansons Communications
T +44 (0)220 7294 3691
natalieg@lansons.com
