The German government is offering shareholders of Hypo Real Estate Holding AG €1.39 ($1.84) a share for the shares it doesn't already own in the troubled mortgage financier, the government's SoFFin financial markets stabilisation fund said Thursday.
The government, which took an initial 8.7% stake in Hypo RE through SoFFin on March 28, aims to take control of Hypo RE in April. The motion for a forced nationalization of the bank has to be submitted by June 30 and the move has to be enforced by 31 Oct.
SoFFin said the decision was made Thursday 'to offer to the shareholders of Hypo Real Estate Holding AG by way of a voluntary public takeover offer to acquire their no-par value bearer shares of Hypo Real Estate Holding AG against payment of a cash consideration of €1.39 per share.'
Wall Street Journal