An affiliate of US investor Starwood Capital Group, SOF-11 Starlight 10 EUR, has launched parallel voluntary partial public takeover offers to the shareholders of Immofinanz and CA Immo.
Under the terms of the deal, the Luxembourg-based affiliate would buy shares representing around 26% of Vienna-listed CA Immo and 5% of Vienna and Warsaw-listed Immofinanz.
CA Immo's shareholders are being offered €27.50 per share for a total of 25,690,167 shares, subject to merger control clearance and under the guarantee that CA Immo would suffer 'no material adverse change', such as 'merger, spin-off or split'.
The management board of CA Immo responded with a statement saying it 'in general welcomes the interest', describing Starwood as a 'financial investor with an excellent reputation'.
CA Immo's management concluded: 'After today’s consultation, Starwood Capital, which is well known to the company due to its investor relations activities and in the course of individual meetings, will support CA Immo’s growth objectives and strategy.
After publication of the concrete offer document, the management board will carefully assess the offer and, in line with legal obligations, provide a reasoned statement.'
Immofinanz responded by acknowleging the offer, saying that it would 'review this announcement and may issue a statement to the intended partial takeover offers within a short timeframe'.
The Starwood offer comes in the wake of the failed merger of CA Immo with Immofinanz, which is its largest shareholder.
CA Immo saw its shares surge by 6% to nearly €26 following an announcement by Immofinanz that it would ditch combination plans.
