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Investing.com -- JD.com’s subsidiary JINGDONG HOLDING GERMANY GMBH announced Wednesday a voluntary public takeover offer for all shares of CECONOMY AG at €4.60 per share in cash.
The bidder signed an investment agreement with Ceconomy regarding the takeover offer and their planned cooperation after the deal closes.
Additionally, JD.com’s German subsidiary entered into a shareholders’ agreement with Ceconomy’s largest shareholder group, Convergenta Invest GmbH and related shareholders. This agreement will take effect upon completion of the takeover.
Under the terms, Convergenta will reduce its stake in Ceconomy from 29.16% to 25.35% through an irrevocable undertaking to accept the takeover offer for 3.81% of Ceconomy shares.
The bidder has also secured agreements with several other Ceconomy shareholders who have irrevocably committed to accept the offer for a total of 31.7% of Ceconomy shares, including the 3.81% from Convergenta.
The takeover offer will be subject to standard conditions, including approvals from merger control, foreign direct investment, and foreign subsidies regulatory authorities. The offer will not require a minimum acceptance rate to proceed.
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