The Austrian furniture giant XXXLutz wants to take over the Berlin online furniture retailer Home24. XXXLutz KG announced on Wednesday evening that it intends to offer Home24 shareholders EUR 7.50 per share as part of a takeover bid. According to Home24, the offer is 124 percent above the closing price of the share on Tuesday, but is far from the output course at the IPO in June 2018. Home24’s top management supports the takeover bid.
According to the information provided, XXXLutz had already secured around 60 percent of the voting rights at Home24 before the offer was announced – around 50 percent from the shareholders, the rest through a planned 10 percent capital increase at Home24 with the exclusion of the subscription rights of the other shareholders. As a result, the company should receive around 23 million euros in fresh capital.
The head of the online retailer, Marc Appelhoff, told the German Press Agency that the new investor Home24 will give Home24 more robustness, especially in view of the current slump in consumption. The company will benefit from the support of the furniture giant in purchasing and logistics, but will continue to operate as an independent company.
The company spokesman for the XXXLutz Group, Thomas Saliger, announced: “As a major partner, XXXLutz will support Home24 in securing the company’s future viability in an uncertain market environment and in seizing future growth opportunities based on the innovative business model.”
Like many other online retailers, Home24 is also suffering from falling sales because consumers are keeping their money together in the face of the Ukraine war and high inflation. Home24 itself only completed the takeover of the household goods chain Butlers in the spring.
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The original of this post “XXXLutz wants to buy Home24” comes from chip.de.
