The opinion on the bid price is based on Drillisch's valuation excluding the potential synergies from the deal, estimated at EUR 250 million per year. The opinion also takes account of a fairness opinion received from financial advisers as well as a valuation report obtained by the management board in preparation for the deal.
The Drillisch shareholders are set to vote on the deal at a meeting 25 July. The takeover takes the form of a two-step capital increase by Drillisch, which will issue new shares to United Internet. The latter has also launched a public bid for existing shares in Drillisch. Drillisch said that shareholders who do not accept the public bid should vote in favor of the proposed capital increase at the EGM, so they can thereby participate in the envisaged synergies and potential for value creation.
