LONDON â€" The buyout firm Advent International on Monday offered to buy the German retailer Douglas for around $1.9 billion.
Under the terms of the deal, Advent said it was partnering with the Kreke family, which founded the German company, in a bid worth 38 euros ($49.26) a share.
The offer represents a 9.1 percent premium on the retailer's closing price on Friday. In morning trading in Germany, shares of Douglas was up 7.8 percent, to 37.5 euros.
Advent said it had already secured the support from Douglas' three largest shareholders that own a combined 50.5 percent stake in the German retailer. The buyout firm needs the backing of 75 percent of Douglas' investors to acquire the company.
By joining forces with the Kreke family, the buyout firm said it planned to focus on growth within Douglas' perfume and jewelry division if the acquisition is successful. The deal would come at a difficult time for European retailers, which continue to suffer from a reduction in consumer spending because of the Continent's ongoing debt crisis.
“We are convinced that the public tender offer is very attractive,†Ranjan Sen, general manager of Advent International, said in a statement.
The announcement follows an announcement from Douglas earlier this year that it was in discussions with a number of acquirers about a potential takeover.
The German retailer has revenue of around 3 billion euros and employs 24,000 people in 1,900 locations, according to a company statement.
Advent already operates a number of European retailers, including the French fashion company Gérard Darel and the German retailer Takko Fashion.
