Voluntary partial offer cleared

Corporate news

As announced on 06 December 2021, S IMMO AG ("S IMMO") submits a voluntary partial offer for approximately 10% of the share capital of IMMOFINANZ AG ("IMMOFINANZ") to the shareholders of IMMOFINANZ in the amount of EUR 23.00 per share. The relevant offer documents have been reviewed and cleared by the Austrian Takeover Commission and the partial offer can be accepted from 23 December 2021 until 26 January 2022 (16:00 CET).

Holders of the IMMOFINANZ Convertible Bonds 2017 will be eligible to tender into the partial offer under the condition that bonds have been converted and new shares delivered before the end of the acceptance period. In order to receive the newly issued shares in time, it may be necessary to submit the conversion notice before the official control record date on 19 January 2022 as announced by IMMOFINANZ.

The offer price of EUR 23.00 per share represents a premium of approximately 23.4% to the 12-months VWAP, 12.9% to the 6-months VWAP and 7.7% to the last closing price at time of announcement. Further, the partial offer by S IMMO offers a premium of approximately 8.5% to the price of EUR 21.20 per share offered by CPI Property Group ("CPI") in the anticipatory mandatory takeover offer announced on 03 December 2021.

Bruno Ettenauer, CEO of S IMMO, explains: "We have decided to make this partial offer to protect the interests of both S IMMO and IMMOFINANZ shareholders. The anticipatory mandatory offer of EUR 21.20 per IMMOFINANZ share announced by CPI does not offer any premium for the acquisition of a controlling stake which would be considered market practice. We therefore believe the offer by CPI is inadequate.
Our offer, in contrast, represents an opportunity for IMMOFINANZ shareholders to monetise their stake at attractive levels and potentially avoid holding a relatively less liquid stock following offers from CPI and S IMMO. We are further convinced that our offer will be conducive to a dissolution of the cross-shareholding of the two companies in whatever form."

The offer documents are available on the website of S IMMO at www.simmoag.at/offer-of-cee-immobilien-gmbh-to-the-shareholders-of-immofinanz-ag