Stock market – billionaire Vitek wants to take over Immofinanz

The CPI Property Group (CPIPG), which is controlled by the Czech billionaire Radovan Vitek, announced on Friday evening that it would make a billion-dollar purchase offer for the listed Immofinanz. Luxembourg-based CPI plans to offer shareholders EUR 21.20 per share on a cum-dividend basis. The price offered is 4.2 percent above the average price of the share over the past six months. Immofinanz then stated that they would examine an offer.

Immofinanz announced on Friday evening that the CPI Property Group (CPIPG) wanted to make an “anticipatory mandatory offer”. The board of directors and the supervisory board of Immofinanz will examine an offer and in due course will comment on it in accordance with the provisions of the Takeover Act. The CPI is controlled by Radovan Vitek, whose net worth is estimated at nearly $ 5 billion. So far, his son Radovan Patrick Vitek has acted as an investor at Immofinanz.

The CPI wants to make a mandatory anticipatory offer for all Immofinanz shares issued. The shareholders are to be offered EUR 21.20 in cash per Immofinanz share on a cum-dividend basis. This corresponds to the closing price of the share on the Vienna Stock Exchange on December 2, and a premium of 4.2 percent compared to the volume-weighted 6-month average price per share. There will be no minimum acceptance threshold.

The CPI’s offer will be financed by its capital resources, including bridging funding of 2.5 billion euros from a consortium of the following banks: Banco Santander, Credit Suisse, Erste Group Bank, Goldman Sachs Bank, HSBC, Raiffeisen Bank International, Societe Generale / Komerční Banka, and UniCredit.

As of today, CPI already has a stake in Immofinanz of 21.4 percent (26,387,094 shares). A further 10.6 percent were acquired conditionally, which corresponds to a total stake of 32.0 percent. According to the announcement, the CPI only acquired a large part of its block of shares in the last few days.

Share purchase agreement decided

On December 1, 2021, CPI and Mountfort Investments S.à rl signed a purchase agreement for the acquisition of all shares in WXZ1 as, which directly holds 14,071,483 Immofinanz shares, which corresponds to approximately 11.4 percent of the share capital. Together with the Immofinanz shares previously held by CPI or acquired in parallel on the market, CPI holds a total of 26,387,094 shares, which corresponds to around 21.4 percent of the share capital of Immofinanz.

Today, December 3rd, CPI and RPPK Immo GmbH concluded a (conditional) share purchase agreement for the acquisition of (further) 13,029,155 Immofinanz shares by CPI, which corresponds to a stake of 10.6 percent of the share capital. Immofinanz and s Immo are involved in each other. According to its own information, CPI now also holds 11.6 percent of s Immo, as announced on Friday evening.

The execution of the share purchase agreement between CPI and RPPK Immo and the takeover offer are subject to merger control approval in Germany, Austria, Poland, Romania, Serbia, Slovakia, the Czech Republic and Hungary, according to the announcement. (apa)

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