Tags: jc | flowers | hypo | stake

JC Flowers Expects 24.9 Pct of Hypo Real Estate

Tuesday, 24 Jun 2008 02:57 PM

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Private equity investor JC Flowers is confident it will achieve a 24.9 percent stake in Germany's Hypo Real Estate, the maximum it had aimed for, in a 1.1 billion-euro ($1.71 billion) transaction.

JC Flowers said in a statement on Tuesday it had received offers from shareholders to tender 24.13 percent of Hypo Real Estate by 1500 GMT on Monday and expected to have had offers for the remaining shares by a 2200 GMT deadline.

JC Flowers had offered to buy up to 24.9 percent of Hypo Real for 22.50 euros per share. The purchase was conditional upon receiving at least 20 percent of the German bank's stock capital.

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