Immofinanz fires back at unsatisfactory CA Immo bid
Investment & financeschedule 23 March 2015
EUROPE Immofinanz has made a voluntary partial public offer on the purchase of an up to 29 pct stake in CA Immo. The move comes just a few days after CA Immo and O1 jointly offered to acquire 13.5 pct of the total Immofinanz issued shares for EUR 2.80 per share in a voluntary tender offer, at least EUR 1.20 below Immofinanz’s expectations.
CA Immo and the Russian investment group O1 first intended to set the bid at EUR 2.51 per share. "The first digit should be a 4," Immofinanz's CEO, Eduard Zehetner, commented back then. Immofinanz offered EUR 18.50 per a CA Immo share. “That not only reflects the level paid by O1 Group Limited for 26 pct of CA Immo (through the purchase of shares from UniCredit Bank Austria AG and through a voluntary partial public offer), but is also approx. 6 pct, or EUR 1, higher than the closing share
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