SOF-11 Klimt CAI S.à r.l., Luxembourg (BidCo), a controlled affiliate of Starwood Capital Group (Starwood Capital), has announced its intention to launch a public takeover offer for CA Immobilien Anlagen AG (CA Immo), a real estate company with its headquarters in Vienna and branch offices in seven countries of Central Europe.
BidCo has been the largest shareholder in CA Immobilien Anlagen AG (CA Immo) since the acquisition of an initial 26% ownership stake in 2018.
Since then, BidCo has purchased further shares in the company and as of 8 January 2021 holds 27,908,386 ordinary non-par value bearer shares plus 4 registered shares, together representing 29.999893% of the total outstanding voting rights.
BidCo intends to further increase its shareholding.
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”Pursuant to its obligations under the Austrian Takeover Act, BidCo will launch an anticipatory mandatory takeover offer for all of CA Immo’s shares and convertible bonds (Convertible Bond 2017) that are not held by BidCo (the Offer),” said Starwood Capital in a statement.
The shareholders of the company are offered a consideration of EUR 34.44 per CA Immo share on a cum dividend basis (share offer price).
BidCo (the Bidder) will also launch a concurrent offer for the outstanding Convertible Bonds 2017 for bondholders, who will be offered a price that is derived from the Share Offer Price.
”The Management Board is evaluating the situation and will be making an announcement with its response and advice to shareholders as soon as appropriate,” said CA Immo in a press release.
“Having recently increased our shareholding in CA Immo, we are pleased to announce this Offer which is priced at the company’s last reported EPRA NNNAV and represents an attractive premium to the current share price. We believe the Offer provides a welcome opportunity for shareholders and convertible bondholders to realize liquidity. We look forward to continuing to support the company, and in connection with the Offer, it is one of Starwood Capital’s objectives to maintain CA Immo’s investment-grade credit rating,” commented Krysto Nikolic, Managing Director and Starwood Capital Group’s Head of Real Estate for Europe.