The financial investors Advent and Centerbridge can take over Aareal Bank as planned.

The investment companies announced on Wednesday that the minimum acceptance threshold of 60 percent, to which a successful bid for the Wiesbaden real estate financier was linked, had been exceeded.

The exact result is expected to be announced next Monday.

Closing is expected in the fourth quarter or first quarter of 2023, subject to regulatory approvals.

The original acceptance period expired at midnight on Wednesday night.

The bidders have now announced a two-week extension - this is expected to begin on May 31st and end on June 13th, also at midnight.

Aareal Bank shareholders who have not yet tendered their shares can do so by then.

Advent and Centerbridge are offering EUR 33 per Aareal share, which includes the dividend of EUR 1.60.

The offer values ​​the bank at almost two billion euros.

Analysts were confirmed in their expectations by the success of the offer.

The still outstanding competition and banking regulatory approvals should "not represent an insurmountable hurdle," said industry expert Timo Dums from DZ Bank.

There had been a long tug of war about the institute.

At the beginning of February, a first takeover attempt by Advent and Centerbridge, which the board of directors and supervisory board of the money house had expressly endorsed, failed due to resistance from major shareholders.

In a second attempt, the financial investors then submitted a new, higher offer with the Canadian pension fund CPPIB in April.

In doing so, they secured the support of the recalcitrant major shareholders.

According to the bidders, among others, the shareholders Petrus Advisers, Talomon, Teleios and Vesa have given irrevocable commitments.

They hold around 37 percent.

The management of the bank was now pleased.

"The required majority of our shareholders has decided in favor of Atlantic BidCo taking over Aareal Bank," said Jochen Klösges, CEO of Aareal Bank.

"For us, this ultimately means that we can implement our strategy in all three business areas with the support of the new investors."

Aareal Bank offers its customers real estate financing for hotels, offices or shopping centers, for example, as well as software, digital solutions and payment services.

The financial investors had pledged to support the course and boost growth.

The Aareal Bank Management Board has set itself the goal of significantly increasing profits.

The operating result is expected to grow to 210 million to 250 million euros this year, although the financial institution now only considers the lower end to be realistic due to provisions for loans to Russia.

For 2024, the management is aiming for up to 350 million euros.

The IT subsidiary Aareon should also make a significant contribution to this, in particular through further acquisitions.