The shareholders of Atrium European Real Estate have voted in favour of the company merging with Gazit Globe subsidiary Gazit Hercules 2020.
The terms of the merger were agreed in October. The final price per share is €0.28 above Gazit's initial offer (€3.35 per share) in August 2021. Gazit made a preliminary offer to buy all shares of Atrium in July 2019 for €3.75 per share, which was then rejected by several minority shareholders.
Jersey-registered and Israeli-owned Atrium is the owner, developer and manager of shopping centres across the CEE region, mostly in Poland and the Czech Republic. Its portfolio includes 26 properties with around 809,000 sqm GLA and a total market value of approximately €2.5 billion. In February 2020, Atrium announced a diversification strategy for its portfolio through investing in and managing residential properties for rent, with the main focus being on Warsaw.
Tel Aviv-based Gazit Globe is a global real estate company. As of Q3 2021, the group owned and managed 102 properties with a total area of 2.5 million sqm worth ILS 37 billion (app. €10.5 billion).
UBS is acted as financial adviser and fairness opinion provider to the Independent Committee with Allen & Overy LLP as international legal adviser and Appleby as Jersey law legal advisers to the Independent Committee. Goldman Sachs Israel LLC acted as financial adviser to Gazit and Newco with Kirkland & Ellis International LLP as international legal adviser and Ogier (Jersey) LLP as Jersey law legal advisers to Gazit and Newco.
