Bidders for Germany's Aareal bank increase offer to $2.1 billion

© Reuters.

BERLIN (Reuters) -Bidders for Germany’s Aareal Bank on Wednesday increased their offer to 31 euros per share from 29 euros, hoping to convince big investors such as Petrus Advisers and Teleios, who had been unhappy with the price.

Buyout group Atlantic Bidco, which includes U.S.-based Advent International and Centerbridge Partners, said the new bid, which values the lender at 1.86 billion euros ($2.10 billion), was a final offer.

Last week it had lowered the acceptance threshold to 60% from 70% and extended the acceptance period to Feb. 2 from Jan. 19.

Aareal Bank management and the supervisory board support the deal. However, investors, including Petrus Advisers and Teleios had rejected the previous offer as too low.

Shares in Aareal were indicated to rise by 8.9% at Lang & Schwarz premarket trade after the increased offer.

($1 = 0.8847 euros)

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