May 6, 2019 / 4:05 PM / 3 months ago

Scout24 bidders say now have 8.7 pct stake ahead of deal deadline

FRANKFURT, May 6 (Reuters) - The private equity houses seeking to take over Scout24 said on Monday that they now control a stake of 8.7 percent, as the clock ticked down on their tender offer to buy the Germany-based car and property classifieds group.

Hellman & Friedman and Blackstone have until May 9 to win the majority support they need for their offer to prevail. They have offered 46 euros per share, valuing Scout24 at 5.7 billion euros ($6.38 billion) including debt.

The suitors have said they will neither sweeten their offer nor lower the acceptance threshold on the deal, which has been recommended by Scout24 management. It it fails they will not launch a new offer for 12 months.

Such tenders are often characterised by brinkmanship as bidders and shareholders test each other's resolve in the hope of securing better terms. Shares in Scout24 closed at 45.20 euros, suggesting some investors see the deal falling through. ($1 = 0.8933 euros) (Reporting by Douglas Busvine. Editing by Jane Merriman)

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