Knot happening: Scout24 deal shelved

Scout24
By Owen Sanderson
15 May 2019

A rallying equity market has tripped up the joint tender offer Blackstone and Hellman & Friedman made for German internet company Scout24, leaving leveraged finance bankers and investors mourning the loss of one of the few sizeable new money deals set to hit the market this year.

Management at the firm rejected a €43.50 per share offer for the company late last year before recommending the revised €46 pitch to shareholders in March. But despite the backing of management, shareholders didn’t hit the bid, encouraged, perhaps, by the backdrop of a strong market rally — ...

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