S Immo drops as stock corrects after CPI's offer expires

Cpi Property SA

21/11/2022 09:18

** Shares of S Immo AG  SIAG.VI  fall 6.4% to 16.94 euros
per share in a stock price correction after the takeover offer
by CPI Property Group  O5G.DE  expired on Friday
    ** CPI's offer of 23.50 euros per S Immo share was
recommended by the Austrian real estate group's board in August
    ** "The offer has supported the shares throughout the year
as interest rate expectations started increasing and real estate
starting underperforming. Now that the offer expired the stock
is correcting to current market valuations," Raiffeisen Research
analyst Oliver Simkovic says
    ** The stock also fell more than 11% on Friday, and has lost
nearly a fifth of its value since Thursday's close
    ** S Immo sits at the bottom of Austria's ATX index  .ATX 
 (Reporting by Tristan Chabba)
 ((Tristan.chabba@thomsonreuters.com))