Immofinanz issued the legally required statement by the Executive Board on the voluntary partial public takeover offer by SOF-11 Starlight 10 EUR S.à.r.l. (Starwood Capital Group). In this statement, the Executive Board recommends that shareholders do not accept the partial public takeover offer of €2.10 per share for up to 5% of Immofinanz.
The conclusion reached by the Executive Board of Immofinanz in this statement indicates that “the offer price of €2.10 per share (incl. dividend) is not appropriate”. The Supervisory Board of Immofinanz agrees and concurs with this statement by the Executive Board.
The offer price of €2.10 per share (incl. dividend) is 26.6% below the EPRA NAV per Immofinanz share (€2.86 as of 31 December 2017) and only approximately 4.6% higher than the closing price of the share prior to the announcement of the offer (closing price of the share on the Vienna Stock Exchange on 21 March 2018: €2.008). On 26 April, the Immofinanz share closed at €2.12 (closing price on 26 April 2018). If the recommended dividend of €0.07 per share is approved by the annual general meeting of Immofinanz on 11 May 2018, the offer price will be reduced by this amount.
Immofinanz has commissioned Deloitte Audit Wirtschaftsprüfungs GmbH, 1010 Vienna, as consulting experts in accordance with § 13 of the Austrian Takeover Act. In addition, Immofinanz will be advised by Victoria Partners GmbH and bpv Hügel Rechtsanwälte GmbH in connection with the offer.
