BERLIN (dpa-AFX) - Zalando SE (ZLNDY), an online retailer of fashion and lifestyle products, plans to submit a voluntary public tender offer to acquire up to 100% of ABOUT YOU's share capital. The planned offer of 6.50 euros per share represents a premium of 12% to the median analyst target price of 5.80 euros and a premium of 107% to ABOUT YOU's 3-month volume-weighted average share price on 10 December 2024.
The ABOUT YOU management board and supervisory board intend to recommend that shareholders accept the offer.
Major ABOUT YOU shareholders Otto Group, Otto Family, HEARTLAND and the ABOUT YOU Management entered into binding agreements to sell their ABOUT YOU shares, representing about 73 per cent of ABOUT YOU's share capital, to Zalando, The ABOUT YOU said in a statement.
Zalando confirmed its medium-term outlook for the combined group. Zalando, including ABOUT YOU, is expected to grow GMV and revenue until 2028 at a 5-year compound annual growth rate of between 5% and 10%. The combined company expects an adjusted EBIT margin in 2028 in about of 6% to 8%. Together, Zalando and ABOUT YOU aim to cover a larger share of the 450-billion-euro European fashion market in the long term than previously targeted.
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