Immofinanz rejects CA Immo's share bid as 'way too low'

Immofinanz rejects CA Immo's share bid as 'way too low'

Published at: 2015-03-17 10:53 | Author: CIJ Journal
Immofinanz’s CEO Eduard Zehetner has rejected an offer by CA Immobilien and O1 Group for 150.9 million shares in the company at a price of €2.80 per share. He acknowledged that it represented an increase on the last time the two companies made a common bid, in late February, but said the price was “still much too low.” “It is more than one-third below the NAV (Net Asset Value) per IMMOFINANZ share and even lower than yesterday's closing price,” said Zehetner. However, he said the offer was significant as it indicated that CA Immo considered the Russian portion of Immofinanz’s portfolio to have significant future potential.

“In any event, we welcome the new shareholders who - as has finally been disclosed - already hold roughly 3% of Immofinanz,” said Zehetner. “We cannot, however, imagine that these two parties will be able to accumulate the desired number of shares over the stock exchange at the announced price. We cannot recommend this offer to our shareholders at the announced price."

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