Deutsche Bank AG, Germany’s biggest lender, was sued by an investor who said the share price the bank set in a mandatory takeover offer for Postbank AG was too low.
Effecten-Spiegel AG filed a lawsuit in Frankfurt Regional Court seeking 3.6 million euros ($5.1 million) in compensation over the price offered for the stock, the company said in a statement on its website today. Deutsche Bank should pay 49.52 euros per share instead of the 25 euros it offered, Effecten- Spiegel said. Meinrad Woesthoff, a spokesman for the Frankfurt court, said he couldn’t immediately confirm the suit.
“Deutsche Bank deliberately circumvented the mandatory takeover rules and so deprived Postbank shareholders of 1.6 billion euros,” Effecten-Spiegel said.
Deutsche Bank on Oct. 7 made the mandatory takeover offer required under German law if an investor acquires 30 percent in a company. The deadline for the 25 euros cash per share offer was yesterday. The Frankfurt-based lender agreed to buy a stake in Postbank in September 2008 from Deutsche Post AG and then renegotiated the transaction in January 2009 after the collapse of Lehman Brothers Holdings Inc. roiled financial markets.
Effecten-Spiegel claims the bank should have made the offer in the first half of 2009 and paid the higher price. Deutsche Bank used “a complex construction” including derivatives and convertible bonds to evade applicable rules, according to Effecten-Spiegel.
Deutsche Bank spokesman Ronald Weichert declined to comment on the case.
Effecten-Spiegel manages securities on its own account and published a magazine for investors.
To contact the editor responsible for this story: Anthony Aarons in London at aaarons@Bloomberg.net.