CDC, Icade deny rumours of tender offer changes

French bank Caisse des Dépôts and its property subsidiary Icade have denied rumours of revisions to the exchange ratio of the offer launched by Icade for shares in peer company Silic earlier this year.

'No amendment of the terms of the offer is envisaged,' the two companies said in a joint statement. 'The strategic interest of this transaction for Silic and its employees has been acknowledged by the board of directors of Silic and the terms of the exchange offer have been assessed as fair by the independent expert as well as by the board of directors of Silic.'

French listed property group Icade filed its tender offer for Silic in April this year. The move, which will create the largest business park owner in France with a portfolio of over EUR 10 bn, envisages the exchange of five Icade shares for every four Silic shares.

HoldCo SIIC, which is controlled by Caisse des Dépôts et Consignations, the majority shareholder in Icade, owns nearly 44% in Silic and has already said it will tender all its shares in Silic under the exchange offer.

The public bid launched by Icade for the Silic shares was extended in May until further notice following two claims for cancellation lodged with the Court of Appeal of Paris.