The offer of €4 per share marks a 31% increase over the last closing share price (€3.05) before PNE confirmed talks with the banking giant on 27 August, as well as an increase over the €3.50-3.80/share initially suggested.
It equates to a total equity value for PNE of approximately €306 million and total enterprise value of approximately €360 million, the banking giant added.
PNE’s boards support the offer, which requires a minimum acceptance ratio of 50% plus one share to be approved, plus regulatory authorities need to give their permission.
The German developer’s stock price rose 4.27% to €4.03 in early trading on 10 October, following the announcement of the planned takeover offer.
MSIP's subsidiary Photon Management is managing takeover. It has also entered into a purchase agreement to acquire 11% of PNE’s total share capital from the German developer’s largest investor group, thereby already securing the stake required for a takeover bid.
Under German law, any shareholder that acquires a controlling stake of at least 30% must launch a public offer for the outstanding shares.
In the first half of the year, PNE more than tripled its operating profit (Ebit) to €12.9 million and reported revenues of €65.6 million, up 130%.
Markus Lesser, PNE’s CEO, added: "Over the course of our talks, we have gotten to know MSIP as a highly professional and long-term partner.
"Their strong support for our long-term business model and in particular for our scaling-up strategy, as well as for our employees and existing business units, have convinced us. Not least, we welcome the offered attractive premium for our shareholders."