French mutual insurance group SMABTP is to reopen its bid for French REIT Société de la Tour Eiffel after tendering 1.6 million shares on the market.
French mutual insurance group SMABTP is to reopen its bid for French REIT Société de la Tour Eiffel after tendering 1.6 million shares on the market.
SMABTP, which in July launched a €58-a-share bid valuing STE at €363 mln, already owns 49.13% of equity in the Paris-based REIT after closing the first stage of the bid in mid-August.
The French insurer will reopen the bid at a price of €58 per share on August 28, with the offer closing on September 10, it said in a statement to French stock market watchdog AMF.
SMABTP currently owns a total of three million shares after buying some 1.62 million shares on the market. The insurer said it aims to lift its equity holdings in STE to over 50%.
STE's board has advised shareholders to accept SMABTP's bid, which is in line with the company's EPRA triple net NAV of €58.10 at year-end 2013.
STE currently has a €701 mln portfolio of 393,360 m2, some 65% of which comprises Paris offices.
SMABTP is the leading insurance group in France for the construction and public works sector.