Austria's S Immo says rival Immofinanz's 1.1 bln euro bid is too low (updated)

S IMMO AG

19/05/2021 14:36

(Adds comment from S Immo)
    May 19 (Reuters) - Vienna-based real estate group S Immo
 SIAG.VI  said on Wednesday that rival Immofinanz's 1.14 billion
euro ($1.39 billion) offer to buy the company is too low.
    S Immo said Immofinanz's offer price was well below S Immo's
net asset value and did not take into account the value analysis
of its property portfolio it had conducted last month.
    Discussions over a tie-up between the two companies have
been ongoing for years. In 2019, they abandoned talks after
failing to agree on a share exchange ratio.  urn:newsml:reuters.com:*:nL8N2M823J
    Analysts have long said consolidation among Austria's three
remaining listed property groups, which also include CA Immo
 CAIV.VI , would make sense as it would increase their
collective sales power and financial strength.
    The 22.25 euro per share offer is subject to the condition
that S Immo cancels its current policy limiting its
shareholders' voting rights to 15%, even if their stakes are
higher, Immofinanz said. 
    Immofinanz - which already owns 26.5% of S Immo but wants to
gain a controlling stake to strengthen its business and make
savings - has failed to overturn that policy in the past.     
    The minimum acceptance threshold for the offer is 50% plus
one share, Immofinanz said, with the acceptance period running
from May 19 to July 16.
    "S Immo's management will examine the offer documents from
Immofinanz in detail and issue a statement for the
shareholders," a spokeswoman for S Immo said. 
    ($1 = 0.8180 euros)

 (Reporting by Veronica Snoj and Zuzanna Szymanska in Gdansk;
Editing by Jan Harvey)
 ((veronica.snoj@thomsonreuters.com; +48 58 769 65 89;))