Korian Announces Curanum Takeover Bid
Strategic acquisition in Germany^1 : +10,000 beds, annual revenues of €290
Korian confirms its position as a major European operator with 35,000 beds
Around 50% of Korian’s turnover is international 15,000 beds in Germany
PARIS -- December 10, 2012
Korian (Paris:KORI), a European leader in the field of comprehensive dependent
care today announced through its fully-owned subsidiary, Korian Deutschland
AG, that a voluntary takeover bid will been launched to shareholders in
Curanum, a company with its registered office in Munich, Germany and whose
stocks are primarily listed on the Frankfurt and Munich stock exchanges, with
a view to acquiring their Curanum shares at a price of €2.50 per share (the
In connection with this Takeover Bid, the Korian Group has signed agreements
with several of Curanum’s main shareholders, holding approximately 54% of
Curanum shares in circulation, under the terms of which these shareholders are
irrevocably committed to tendering their shares into the Takeover Bid.
The Takeover Bid offers a premium of 14% on the price of Curanum shares valued
at €2.19 on 7 December 2012^3 and a premium of 33% on the weighted average
trading price of shares over a period of three months^4.
The Takeover Bid will be conducted in accordance with German regulations on
takeover bids and will be subject to acquiring authorisations from the
competent competition authorities, to a minimum threshold of 75% as well as
other conditions usual and customary for this type of transactions. All terms
and conditions of the Takeover Bid will be included in the offer document.
The offer document and further information relating to the Takeover Bid will
be published on the website: www.groupe-korian.com/Finance2/Offre-Curanum.
Yann Coléou, CEO of Korian stated: “This major acquisition would make Korian a
European leader in the three biggest markets – Germany, France and Italy. Our
aim is to enable every resident and patient of our facilities to profit from
Europe-wide best practices in care provision by implementing operational
^1: subject to approval of the Takeover Bid by BaFin (the German Federal
Financial Supervisory Authority), clearance by the cartel authority and a
minimum acceptance threshold of 75%
^2: consensus 2012
^3: closing price of €2.19 at XETRA per 7 December 2012 as per Bloomberg
^4: based on three months volume weighted average share price of €1.88 at
XETRA per 7 December 2012 as per Bloomberg
The Korian Group, founded in 2001, is the European market leader in temporary
and permanent comprehensive care. A private group employing over 15,000
people, Korian has three platforms established in France, Italy and Germany.
At 30 June 2012, Korian’s 249 facilities represented a combined total of
24,438 beds in operation.
*In France: 129 nursing homes, 37 follow-up care and rehabilitation
clinics, and seven psychiatric clinics for a total of 14,846 beds.
*In Europe: 31 facilities in Italy with a total of 4,349 beds and 45
facilities in Germany for a total of 5,243 beds in operation.
The company has been listed on Euronext Paris NYSE Eurolist Compartment B
since November 2006.
The Curanum Group is one of the leading German operators of senior citizens
residences and care centers with a comprehensive geographic network made up of
77 facilities with some10150 beds as of December 2011 and employs more than
2011 consolidated revenues amount to €266m and operating EBITDAR before
one-off effects to €81m
Next announcement: 6 February 2013 after close of trading
2012 full-year revenues
For more information, please visit our website: www.groupe-korian.com
This press release is neither an offer to purchase nor a request for offers to
sell Curanum AG shares. The definitive terms and conditions of the Takeover
Bid and other provisions relating to the Takeover Bid shall only be published
in the offer document once the publication of this document has been
authorised by the German Federal Financial Supervisory Authority. Curanum AG
investors and shareholders are specifically invited to consult this offer
document and all other documents relating to the Takeover Bid as soon as they
are available and as soon as relevant information is included in these
This press release does not constitute an offer of financial securities or any
form of request to purchase or subscribe to financial securities in the United
States. Financial securities can only be offered, subscribed or sold in the
United States following registration pursuant to the U.S. Securities Act of
1933, as amended.
Louis Guyot, + 33 1 55 37 52 11
Alexis Jungels, + 33 1 55 37 52 25
Maggie Schelfhaut, + 33 1 55 37 52 21
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