Brief: Immofinanz Says CPI Property Group Offer Price Is Too Low

Cpi Property SA

26/01/2022 07:36

Jan 26 (Reuters) - IMMOFINANZ AG  IMFI.VI :
    * PRICE OFFERED BY CPIPG FOR IMMOFINANZ SHARE IS
SIGNIFICANTLY
LOWER THAN CURRENT VALUE OF COMPANY AND DOES NOT REFLECT
IMMOFINANZ'S SUBSTANTIAL GROWTH POTENTIAL
    * OFFER PRICE OF EUR 21.20 (CUM DIVIDEND FOR 2021 FINANCIAL
YEAR)
SPECIFIED BY CPIPG IN ITS ANTICIPATORY MANDATORY OFFER
REPRESENTS A DISCOUNT TO REFERENCE VALUES USED TO DETERMINE A
FAIR VALUE FOR IMMOFINANZ SHARE
    * SAYS PRICE ALSO FAILS TO INCLUDE AN APPROPRIATE CONTROL
PREMIUM
FOR CPIPG'S ANNOUNCED INTENTION TO ATTAIN CONTROL OVER
IMMOFINANZ
    * OFFER PRICE IS ALSO SIGNIFICANTLY BELOW PRICE OF
IMMOFINANZ
SHARE BEFORE OUTBREAK OF COVID-19 PANDEMIC (NEARLY EUR 27 IN
FEBRUARY 2020) AND ANALYSTS' AVERAGE TARGET PRICE OF EUR 24.50
(MEDIAN)
    * EXECUTIVE BOARD, SUPERVISORY BOARD AND WORKS COUNCIL OF
IMMOFINANZ TODAY ISSUED STATEMENTS IN WHICH THEY INDICATE THAT
OFFER PRICE OF EUR 21.20 PER SHARE IS VIEWED AS NOT ATTRACTIVE
AND RECOMMEND THAT INVESTORS NOT ACCEPT OFFER BY CPIPG FOR
IMMOFINANZ'S SHARES AND CONVERTIBLE BONDS
    * 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.

Source text for Eikon:  ID:nEQ7WvgKNa 
Further company coverage:  IMFI.VI 

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