November 9, 2012 / 2:15 PM / 5 years ago

Douglas boards recommend Advent's buyout bid

FRANKFURT, Nov 9 (Reuters) - German retailer Douglas said its board decided to recommend a 1.5 billion euro ($1.9 billion) offer for the group from private equity group Advent.

Advent is teaming up with the retailer’s founding family, including CEO Henning Kreke, to offer 38 euros per share for the group, which runs drugstores, clothing, jewellery and book shops.

“The Management Board and the Supervisory Board conclude that the consideration of 38 euros per Douglas share is attractive and fair in financial terms ,” the boards said in a statement on Friday.

Douglas’s management and supervisory board had previously declined to comment on the offer. ($1 = 0.7857 euros) (Reporting by Victoria Bryan)

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