Scout24 AG: Takeover bid by Hellman & Friedman and Blackstone rejected by majority of shareholders – Scout24 continues growth strategy and confirms forecast for 2019
Munich / Berlin, 14 May 2019 –
- Minimum acceptance threshold of 50 percent plus one share not met
- Forward-looking strategy, growth targets, and forecast for 2019 not affected by failed takeover bid
Tobias Hartmann, CEO of Scout24, says: “Although we had expressed support for the strategic partnership with Hellman & Friedman and Blackstone, we fully respect the decision of our shareholders and consider it a vote of confidence in Scout24’s future and management. We will focus on our growth strategy and continue to develop Scout24 as an independent company. In addition to our successful ImmobilienScout24 and AutoScout24 marketplaces, we are further expanding the Scout24 Consumer Services offering by brokering financing, insurance, and other additional services. Our goal, which we share with our business partners, is to offer real estate and auto transactions as much as possible as a digital experience on our platforms.”
The Chairman of the Supervisory Board, Dr. Hans-Holger Albrecht, comments on the outcome of the takeover bid: “The majority of our shareholders have decided to continue to accompany our company on its growth path and not to accept the takeover offer. We respect this decision and view it as a mandate. Management and employees will now be focused to drive value creation for our shareholders. The Supervisory Board will hereby fully support the Management Board to pursue the defined growth strategy."
The failed takeover bid has no impact on the forecast for 2019. In March, Scout24 presented record figures for the financial year 2018 with consolidated revenue of 531.7 million euros (+12.5% compared with the previous year) and an ordinary operating EBITDA margin of 54.8%. Despite strong investments to spur growth, Scout24 proposed a dividend increase to 0.64 euros per share for 2018. Scout24 forecasts double-digit growth rates for revenue and earnings for the 2019 financial year. Specifically, management expects revenue growth between 15 and 17 percent and an ordinary operating EBITDA margin between 52 and 54 percent.
We are creating a networked system for housing and mobility with our leading digital marketplaces: ImmobilienScout24 in Germany and Austria and AutoScout24 in Europe. More than 1,500 employees make it possible for our users to quickly and easily find their new home or car. Scout24 Consumer Services also offers additional customized support by brokering, for example, relocation, construction, and car financing services. Scout24 AG is a listed stock corporation and is traded on the Frankfurt Stock Exchange (ISIN: DE000A12DM80 / DE000A2TSEV4, ticker: G24 / G24Z). Further information is available at www.scout24.com, on our Corporate Blog andTech Blog or on Twitter and LinkedIn.
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