US investor Starwood Capital, through its Luxembourg holding company SOF-11 Klimt CAI S.à r.l., has increased its stake in Austrian company CA Immo to 29.99% in the past few weeks and announced a takeover offer for the remaining shares for €34.44 per share. Starwood also plans to submit an offer for CA Immo’s convertible bonds.
The offer for the shares, made on 8 January 2021, is almost 12% above the closing price of the CA Immo share on the Vienna Stock Exchange.
Starwood joined CA Immo in 2018 when the investor acquired the 26% package from rival Immofinanz for €758 million. The US investor started to add shares in piecemeal transactions last April, coming close to the 30% trigger in the last week of 2020. CA Immo’s second-biggest shareholder is S Immo with a 6% stake, while 6% of the stock is held as treasury shares.
CA Immo’s Management Board, according to the company’s press release, is evaluating the situation and will be making an announcement with its response and advice to shareholders as soon as appropriate.
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