Real Estate - Starwood only secures a third of CA Immo

The US major shareholder Starwood Capital is pretty beaten by the shareholders of CA Immo. In his takeover offer, which ran until April 9, only 3,7 percent of the shares were assigned to the interested party. In total, Starwood is now only 33,2 percent, as the company announced Tuesday evening. The core shareholder offered 11 euros per share through the holding company SOF-36 Klimt CAI Sarl.

The shares of CA Immobilien Anlagen AG are listed on the Vienna Stock Exchange and closed on Tuesday at 36,15 euros per share - the price was 0,28 percent above the previous day. According to the website of the Vienna Stock Exchange, the 52-week high was 37,90 euros and the 52-week low was 22,75 euros.

The public takeover offer for CA Immo was made on February 22nd - the acceptance period ended on April 9th. There is now a three-month grace period until July 14, 17 p.m.

2,413.980 CA Immo shares submitted for sale

According to the information, 2,413.980 CA Immo shares had been submitted for sale by the end of the acceptance period. This corresponds to an acceptance rate of 3,71 percent of all CA Immo shares included in the offer.

In addition, 811 CA Immo convertible bonds with a total value of 81,1 million euros were submitted for sale, which corresponds to an acceptance rate of 40,55 percent of all CA Immo convertible bonds included in the offer.

Starwood will "hold 33,20 percent of the CA Immo shares issued on a fully diluted basis, ie assuming that all convertible bonds will be converted after the change of control occurs," the announcement said.

The share offer price of 36 euros per CA Immo share and the offer price for the convertible bonds of 138.628,59 euros per convertible bond with a nominal amount of 100.000 euros will be paid to the holders of equity securities submitted for sale by their respective custodian bank by April 23, 2021 at the latest .

Management board qualifies offer as too low

Settlement for equity securities that are submitted for sale during the grace period will take place within 10 trading days after the end of the grace period. According to the information, “a reduced offer price of EUR 120.937,26 per convertible bond” will be offered during the grace period.

The Management Board and the Supervisory Board of CA Immo AG had not given a recommendation regarding Starwood's takeover offer at the beginning of March. In a statement by the board of directors, however, the offer was qualified as too low - although it had only been improved a week before. According to the management, the offer of 36 euros per share was 6,2 percent below the last EPRA net asset value of 38,36 per share as of September 30, 2020 and 11,2 percent below the expected EPRA NAV of 40,56 euros including the revaluation result of 205 million euros announced for the fourth quarter, according to a statement signed by the CA Immo board on the company's website.

Starwood Capital initially offered EUR 34,44 per share and increased this offer to EUR 36 per share. CA Immo is valued at around EUR 3,6 billion. (apa)