Adler Real Estate won’t pursue convertibles due to situation in Greece

By Tali Rackner

Norfolk, Va., June 29 – Adler Real Estate AG decided not to pursue a convertible bond issue as a result of the impact of the situation in Greece on the stock markets, according to a Monday press release.

The company “published the securities prospectus for the admission to trading on the Frankfurt Stock Exchange of the new shares from the capital increase against contribution in kind resolved by the company's shareholders' meeting on April 29 for issue to the Westgrund shareholders who have tendered their shares in the course of the takeover offer.”

The prospectus also included the offering of convertible notes for subscription to its shareholders.

After consultation with the advising banks, Adler’s management board said it came to the conclusion that it is in the best interest of the company not to pursue a capital markets transaction in the current market environment.

As a result, the subscription offer described in the prospectus will not be pursued.

Adler is a Hamburg, Germany-based real estate company.

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