A Dutch shareholders’ association has mounted a legal bid against Uni-Invest’s takeover of Vastned.
VEB, which mainly supports smaller non-institutional shareholders, has filed a petition to the courts in Amsterdam asking for an investigation into the merger. VEB is representing 13 shareholders which account for 5.2m shares in Uni-Invest or 8.8% of the total shares outstanding.
The focus of their protests is the pay-off protection measures which are part of the deal. This includes a €154m payment to Uni-Invest’s managing director Richard Homburg.
An Amsterdam court will hear the case on Monday 18 December.
