Redefine EPP buyout receives overwhelming shareholder support

Redefine Properties (JSE: RDF) received the green light from shareholders to finalise the delisting and takeover of EPP (JSE: EPP), Poland’s largest retail landlord, in January.  This followed the 29 November 2021 share-for-share offer to acquire all of the remaining shares in EPP N.V. not already owned by Redefine.

Redefine confirms that the offer by Redefine, which closed on March 4, was accepted by EPP shareholders holding a total of 381 651 727 EPP shares, representing 90.79% of the EPP shares in issue (excluding EPP shares held by Redefine and I Group).

Following the implementation of the Redefine offer and the repurchase by EPP of 74 993 917 EPP shares from I Group, Redefine will hold 794 220 512 EPP shares, representing 95.35% of EPP shares in issue (excluding any EPP treasury shares ).  A total of 1 030 459 642 new Redefine shares will be issued as a result of the Redefine offer.

The listing of EPP shares on the Main Board of the JSE and the official list of the LuxSE will be terminated at the commencement of trade on Tuesday, 8 March 2022. The deal amounts to an estimated R7.2 billion in additional equity for Redefine and adds around R19.7 billion of total assets onto its balance sheet.