ABN Amro Oddo

“The bid presents a € 4 above our previous target price of € 17/share and 5.5% discount to pro-forma NTA. We view offer attractive and a great opportunity for existing shareholders to obtain immediate value.”

Kempen

“We believe the bid offers a good exit point for shareholders and rate the likelihood of success as high… it doesn’t come as a surprise that the Supervisory as well as Management board unanimously recommend the offer,which they deem is in the best interest of all stakeholders inthe current macroeconomic environment.”

Kepler

“The offer price is in line with the high end of our range, which we see as a good deal for existing shareholders. Accordingly, we change our rating on the name from ‘Hold’ to ‘Accept Offer’.”

Degroof Petercam

“We consider the offer as fair and believe it to have a high likelihood of success. We therefore raise our TP to the offer price EUR 21.0, recommending shareholders to accept the offer.”