E.ON sets the amount of cash compensation for innogy’s remaining minority shareholders at €42.82 per innogy share
E.ON's building in Essen, Germany. (Credit: E.ON SE)
In September, E.ON informed the innogy management board about its intention to carry out a merger of innogy SE into E.ON Verwaltungs SE excluding the remaining minority shareholders (so called “merger squeeze-out”). E.ON currently holds 90 percent of all innogy shares through E.ON Verwaltungs SE, an E.ON group company.
Today, E.ON informed the innogy management board that the appropriate cash compensation to be paid to innogy’s remaining minority shareholders is €42.82 per innogy share. This amount corresponds to the three-month volume weighted average share price for the three-month period prior to the publication of E.ON’s transfer request in September. The appropriateness of this cash compensation has been confirmed by the court-appointed expert auditor.
The conclusion of the merger agreement between innogy SE and E.ON Verwaltungs SE to implement the merger squeeze-out is expected to take place on 22 January 2020. The extraordinary general meeting of innogy SE that shall resolve on the transfer of shares of innogy’s remaining minority shareholders will then take place on 4 March 2020.
After the resolution of the general meeting of innogy SE the merger squeeze-out will become effective upon registration of the transfer resolution and the merger in the commercial register.
Source: Company Press Release