With its bid to acquire the Viennese real estate company IMMOFINANZ, CPI Property Group has achieved the targeted majority.
After the acquisition period expires, CPI holds a stake of about 53.33 percent, the Luxembourg-based company announced Thursday evening. The success was evident because CPI has already secured a good 48 percent of the shares.
However, in the context of the takeover offer, CPI raised only about 5.15 percent of the shares outstanding. CPI Property, owned by Czech billionaire Radovan Vitek, has offered IMMOFINANZ shareholders €23 per share. Shares of the company, which focuses on commercial real estate in Austria, Germany and Eastern Europe, closed on the Vienna Stock Exchange at 22.9 euros. Shareholders who did not accept the takeover offer now have another chance. You can still bid for your shares within a three-month grace period.
CPI Property President Martin Nemecek commented in a statement that IMMOFINANZ has a “strong portfolio and experienced team”. They are “able to lead IMMOFINANZ to a more successful future”.
Shares of IMMOFINANZ eventually rose 0.17 percent to €22.94 in Vienna trading.
APA
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