News Article Austria CEE CPIPG Immofinanz takeover
by Property Forum | Report

CPI Property Group is continuing its efforts towards the takeover of Immofinanz. It has increased its holding in Immofinanz to 35.5% and subsequently also increased its offer price.

On 26 January, CPIPG and Petrus Advisers Investments Fund L.P. signed a conditional share purchase agreement on the acquisition of 9,413,253 Immofinanz shares, corresponding to a participation of approx. 6.81% of the total registered nominal share capital of Immofinanz. The purchase price per share amounts to €22.70 cum dividend.

CPIPG now owns (directly and indirectly) approx. 19.25% of Immofinanz shares, with an additional approx. 16.23% conditionally contracted. This represents a combined stake of approx. 35.49% of the total registered nominal share capital of Immofinanz.

Following yesterday's transaction, CPIPG's outstanding takeover offer was improved in accordance with the Austrian Takeover Act. The initial offer price of €21.20 per share was increased to reflect the share price of yesterday’s transaction (€22.70).

In a statement published today, the Executive Board of Immofinanz welcomed the announcement by CPIPG to increase the offer price. Immofinanz, however, believes that this price is still clearly below the current value of the company and does not reflect Immofinanz’s growth potential. Moreover, the higher price fails to include an appropriate control premium for CPIPG’s announced intention to attain control over Immofinanz. The Executive Board also refers to its statement from 26 January 2022 on the anticipatory mandatory offer by CPIPG and again recommends that investors not accept the announced improved offer by CPIPG for Immofinanz’s shares and convertible bonds.

A detailed timeline of various takeover efforts directed at Immofinanz is available in our previous summary.