EQS-News: IMMOFINANZ: Supplementary statements by the Executive Board and Supervisory Board on CPIPG’s improved takeover offer

EQS-News: IMMOFINANZ AG / Key word(s): Offer/Statement
IMMOFINANZ: Supplementary statements by the Executive Board and
Supervisory Board on CPIPG’s improved takeover offer

16.02.2022 / 08:47
The issuer is solely responsible for the content of this announcement.

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IMMOFINANZ: Supplementary statements by the Executive Board and
Supervisory Board on CPIPG’s improved takeover offer

* Improved offer price of EUR 23.00 per share still too low
* CPIPG increased its investment in IMMOFINANZ to roughly 48.18% with
the purchase of shares held by S IMMO
* Offer provides an exit option for investors in connection with the
attainment of control

 

The Executive Board und Supervisory Board of IMMOFINANZ have issued
supplementary statements on the announcement by CPI Property Group SA
(CPIPG) of the increase in the offer price to EUR 23.00 per share (cum
dividend) and increase in CPIPG’s investment in IMMOFINANZ to roughly
48.18% through the purchase of shares from S IMMO AG. The Executive Board
und Supervisory Board still view the improved offer price as too low given
the successful development of IMMOFINANZ and the current value of the
company. Moreover, the offer price does not include an appropriate control
premium in connection with CPIPG’s intention to attain control over
IMMOFINANZ.

In statements issued today by the Executive Board and Supervisory Board of
IMMOFINANZ, the Executive Board and Supervisory Board indicate that they
also see the increased offer price of EUR 23.00 per IMMOFINANZ share and
the related increased offer price for the convertible bonds of EUR
111,470.29 per nominal value of EUR 100,000.00 as not appropriate. The
offer includes substantial discounts to all key indicators for the
IMMOFINANZ share (IFRS book value, EPRA NAV and EPRA NTA), to the share
price before the outbreak of the COVID-19 pandemic, and to the premiums
offered for other public takeovers in the European real estate sector. It
also fails to reflect the sustainable improvement in the key indicators
for IMMOFINANZ’s current business activities and the outlook for future
development.

The purchase of all IMMOFINANZ shares held by S IMMO AG (via the
subsidiary CEE Immobilien GmbH) in connection with the price increase will
give CPIPG an investment of at least 48.18% after clearance of the
transaction by the merger authorities and closing for the purchase – which
will represent the attainment of a controlling investment in IMMOFINANZ. S
IMMO has also agreed to sell all shares purchased (via CEE Immobilien)
through its current partial takeover offer to CPIPG.

It is also highly probable that the offer will allow CPIPG to attain the
majority of voting rights in IMMOFINANZ. This offer gives shareholders and
convertible bondholders an exit option in connection with the attainment
of control by CPIPG – above all for larger volume investments. Against
this backdrop, the Executive Board would like to emphasise that the
decision to accept or reject the offer must be made individually by each
shareholder or convertible bondholder, especially taking into account the
advantages and disadvantages as well as the investor’s personal situation
and expectation for future development.

The detailed supplementary statement by the Executive Board, including
factors in favour of and against the offer as well as the supplementary
statement by the Supervisory Board and the offer document are available on
the IMMOFINANZ website under:
[1]https://immofinanz.com/en/investor-relations/takeover-offers

On IMMOFINANZ
IMMOFINANZ is a commercial real estate group whose activities are focused
on the office and retail segments of eight core markets in Europe:
Austria, Germany, Poland, Czech Republic, Slovakia, Hungary, Romania and
the Adriatic region. The core business covers the management and
development of properties, whereby the STOP SHOP (retail), VIVO! (retail)
and myhive (office) brands represent strong focal points that stand for
quality and service. The real estate portfolio has a value of approx. EUR
5.0 billion and covers roughly 210 properties. IMMOFINANZ is listed on the
stock exchanges in Vienna (leading ATX index) and Warsaw. Further
information under: [2]https://immofinanz.com

IMPORTANT INFORMATION
This announcement is issued by IMMOFINANZ AG (IMMOFINANZ) in connection
with the anticipatory mandatory offer published by CPI Property Group S.A.
for shares and convertible bonds of IMMOFINANZ (takeover offer) on 12
January 2022. It is for information purposes only and neither an offer to
purchase nor a solicitation to sell securities of IMMOFINANZ. The
conditions and further provisions relating to the Takeover Offer are
disclosed in the offer document published by CPI Property Group S.A. The
offer document and the statements of the Management Board and the
Supervisory Board are forming the relevant basis and investors and it is
strongly recommended to holders of IMMOFINANZ shares and other equity
securities to review these documents

To the extent this announcement contains forward-looking statements
concerning IMMOFINANZ, such statements do not represent facts and are
characterized by the words such as „will“, „expect“, „believe“,
„estimate“, „intend“, „aim“, „assume“ or similar expressions. Such
statements express intentions, opinions or current expectations and
assumptions of IMMOFINANZ. These forward-looking statements are based on
current plans, estimates and forecasts, but do not claim to be correct in
the future. Forward-looking statements are subject to risks and
uncertainties that are difficult to predict and usually cannot be
influenced by IMMOFINANZ. It should be kept in mind that the actual events
or consequences may differ materially from those contained in or expressed
by such forward-looking statements.

For additional information contact:
Bettina Schragl
Head of Corporate Communications and Investor Relations
IMMOFINANZ
T +43 (0)1 88 090 2290
M +43 (0)699 1685 7290
[3]communications@immofinanz.com
investor@immofinanz.com

1100 Vienna, Wienerbergstraße 9, Austria
www.immofinanz.com

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16.02.2022 This Corporate News was distributed by EQS Group AG.
www.eqs.com

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Language: English
Company: IMMOFINANZ AG
Wienerbergstraße 9
1100 Vienna
Austria
Phone: +43 (0) 1 88090 – 2290
Fax: +43 (0) 1 88090 – 8290
E-mail: investor@immofinanz.com
Internet: http://www.immofinanz.com
ISIN: AT0000A21KS2
WKN: A2JN9W
Listed: Regulated Unofficial Market in Berlin, Frankfurt, Munich,
Stuttgart; Warschau, Vienna Stock Exchange (Official Market)
EQS News ID: 1281011

 
End of News EQS News Service

1281011  16.02.2022 

References

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3. communications@immofinanz.com

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