Austrian listed property group CA Immo has declined to give recommendations to shareholders regarding a voluntary offer launched by US real estate investment firm Starwood Capital Group for a minority stake in the group.
In a statement on Friday, CA Immo's management said that each shareholder 'must decide whether to accept or reject the offer on the basis of the shareholder’s own investment strategy and personal assessment of the opportunities and risks associated with the further course of business of CA Immo'.
Starwood is seeking to buy up to 26% of CA Immo at a price of €27.50 per share. The investor has just extended the acceptance period by two weeks until May 30.
The announcement comes just a few days after Vienna- and Warsaw-listed property group Immofinanz - the largest shareholder in CA Immo with a 26% stake - announced the launch of a structured bidding process to dispose of its shares.
Immofinanz's 25.7 million ordinary shares in CA Immo are worth some €700 mln at current market prices. The company's holdings also include four registered shares which carry the right to appoint members to the supervisory board.
In a statement, Immofinanz said that it is inviting investors to express their interest by 30 April 2018. The company gave no timetable for the process.
