Deutsche Real Estate Takeover Offer


 

TIDMSGL 
 
RNS Number : 8996R 
Summit Germany Limited 
07 May 2009 
 

FOR IMMEDIATE RELEASE 
 
 
7 May 2009 
 
 
UNIFINTER ADMINISTRATIEKANTOOR B.V. ANNOUNCES A MANDATORY TAKEOVER OFFER FOR 
DEUTSCHE REAL ESTATE AG 
 
 
As a result of the acquisition by Unifinter Administratiekantoor B.V. 
("Unifinter") of an additional 77,500,000 shares in Summit Germany Limited 
("Summit") on 7 April 2009, Unifinter increased its holding in Summit to 
approximately 58.16%. As a result of this shareholding, Unifinter indirectly 
controls Summit's subsidiary, Deutsche Real Estate AG ("Deutsche"). 
Summit indirectly controls 78.98% of Deutsche which is listed on the Frankfurt 
Stock Exchange. In accordance with German law and as a result of the change in 
indirect control of Deutsche, Unifinter is required to make a mandatory takeover 
offer for the entire issued share capital of Deutsche ("Deutsche Offer"), at a 
price to be determined pursuant to German regulatory requirements. 
 
 
Unifinter is required under German Law to submit an offer document to the German 
regulator Bundesanstalt für Finanzdienstleistungsaufsicht for approval and 
subsequent publication. 
 
 
On the basis of initial discussions with Unifinter, the independent board of 
Summit considers that it may be in the best interests of Summit not to accept 
the Deutsche Offer for its indirect 78.98% shareholding in Deutsche. 
Furthermore, Unifinter intends to offer Summit the opportunity to purchase any 
shareholding in Deutsche acquired by Unifinter as a result of acceptances under 
the Deutsche Offer, on terms to be agreed and which, if Summit is listed on AIM 
at the relevant time, would be subject to the AIM Rules regarding related party 
transactions. 
 
 
In connection with its offer for Summit, it was announced yesterday by Unifinter 
that it had received valid acceptances in respect of 30.21% of the issued share 
capital of Summit, in addition to its shareholding of 58.16%. The combined 
amount of valid acceptances and Unifinter's existing holding is 88.38%. 
 
 
 
 
For further enquiries please contact: 
 
 
Unifinter Telephone:+972 54 7709170 
 Zohar Levy 
 
 
Summit Telephone:+44 (0)1481 710 315 
Quentin Spicer 
 
 
Deutsche  Telephone:+49 (40) 688 75 740 
Veit Gunnar Schüttrumpf 
 
 
 
 
Fairfax I.S. PLC                                            Telephone:    +44 
(0)20 7598 5368 
Nominated Adviser and Broker to Summit 
Jeremy Porter / Laura Littley 
 
 
A copy of this announcement is available on Summit's website at: 
http://www.summitgermany.co.uk/newsFilter 
 
 
Notes to editors 
 
 
Deutsche is a company listed on the Frankfurt Stock Exchange. Deutsche's 
portfolio of commercial properties in Germany amounts to approximately 
Euro300 million and located mainly in prime locations in major cities. 
 
 
Summit, incorporated in Guernsey and admitted to trading on AIM in May 2006, is 
a real estate investment company specialising in commercial properties in 
Germany. 
 
 
END 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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