Immofinanz strikes back with CA Immo counter offer

Immofinanz strikes back with CA Immo counter offer

Published at: 2015-03-23 10:42 | Author: CIJ Journal
Immofinanz has countered attempts by CA Immobilien to gain control over it by launching its own voluntary partial public offer for the purchase of 29 percent stake in its rival. This would represent around 28.7 million shares in CA Immo based on its current share capital, representing a share price of €18.50. This is the reported price that O1 Group paid for 26 percent of CA Immo shares when it purchased them from UniCredit Ban Austria and represents a 6 percent premium on its closing price on the Vienna Stock Exchange last Friday.

"We expressed our interest in this smaller competitor during the previous year when UniCredit sold its investment in CA Immo, and I can now only repeat the reasons stated at that time: CA Immo fits well with IMMOFINANZ in regard to its core countries and asset classes, and our long-standing experience in Central and Eastern Europe would allow us to support the management in realising their planned course for further expansion in these countries," said Immofinanz CEO Eduard Zehetner.

The bid will have to be examined by the Austrian Takeover Commission before it is formally published and would still be contingent on other approvals required by antitrust law. Earlier this month, Immofinanz rejected an offer of €2.80 per share made by CA Immo as being far too low.

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