Capital Stage kicks off takeover bid for Chorus
July 29 – German solar and wind parks operator Capital Stage AG (ETR:CAP) on Thursday kicked off its public exchange offer to acquire all outstanding shares of local peer Chorus Clean Energy AG (FRA:CU1).
Capital Stage is offering five own shares for three Chorus shares, which translates into around EUR 11.50 (USD 12.85) per Chorus share or a 36% premium for the target’s stockholders. The bid needs to be cleared by stockholders with a combined interest of at least 50% plus one share.
The acceptance period will end on September 16, unless extended.
The combined company will have a total capacity of more than 1 GW, about 60% of which is solar and the rest is wind. Nearly half of the total will be located in Germany. The rest of the plants are located in Italy, France, the UK, Austria, Sweden and Finland.
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