Brief: Immofinanz Says S Immo Offer Price Too Low

CPI Europe AG

10/01/2022 07:22

Jan 10 (Reuters) - IMMOFINANZ AG  IMFI.VI :
    * S IMMO OFFER PRICE TOO LOW
    * EXECUTIVE BOARD AND SUPERVISORY BOARD THEREFORE RECOMMEND
THAT
SHAREHOLDERS NOT ACCEPT PARTIAL OFFER BY S IMMO FOR
APPROXIMATELY 10% OF OUTSTANDING IMMOFINANZ SHARES.
    * PRICE OF EUR 23.00 IN CASH PER IMMOFINANZ SHARE SPECIFIED
IN
PARTIAL OFFER BY S IMMO AG (VIA ITS INDIRECT SUBSIDIARY CEE
IMMOBILIEN GMBH AS OFFEROR) REPRESENTS A SIGNIFICANT DISCOUNT TO
REFERENCE VALUES USED TO DETERMINE A FAIR VALUE FOR IMMOFINANZ
SHARE
    * OFFER PRICE IS SUBSTANTIALLY LOWER THAN CURRENT EPRA NTA
PER
SHARE OF EUR 30.77 AND REPRESENTS A DISCOUNT OF ROUGHLY 25%
    * PRICE OFFERED BY S IMMO AG FOR IMMOFINANZ SHARE DOES NOT
REFLECT
CURRENT VALUE OF COMPANY
    * IMMOFINANZ GENERATED BEST RESULTS IN PAST 10 YEARS AND
EVEN
TOPPED ALREADY VERY GOOD PRE-CRISIS LEVEL FROM 2019
    * EXPECTS AN INCREASE IN PRE-TAX FFO 1 TO OVER EUR 135
MILLION IN
2022, WHEREBY ROUGHLY 70% WILL BE DISTRIBUTED AS DIVIDENDS TO
COMPANY'S SHAREHOLDERS
    * PLANS CALL FOR EXPANSION OF PORTFOLIO FROM CURRENT LEVEL
OF EUR
5.0 BILLION TO ROUGHLY EUR 6.0 BILLION WITH STOP SHOP BRAND IN
2022

Source text for Eikon:  ID:nEQ3bP2Cfa 
Further company coverage:  IMFI.VI 

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