In more Czech business mogul news, Radovan Vitek continues to rip up the old order in Vienna with his impressive takeover of Immofinanz. CPI Property Group announced it acquired over 17.5 million additional shares in the company from S-Immo, another Austrian property company. S-Immo had tried to slow the CPI bulldozer by offering to buy up 10% of Immofinanz’s shares. But in the end, it accepted CPI’s offer of €23 per share, 30 cents more than it paid Petrus Advisors in January for that company’s 6.8% shareholding in Immofinanz. CPI writes that it now owns or controls 48.18% of Immofinanz. The deals between CPIPG and RPPK Immo, Petrus Advisers Investments Fund and CEE Immobilien (S-Immo) are subject to merger control clearance in numerous CEE countries.
Meanwhile, Daniel Křetínský looks ready to realize his investment in Aareal Bank by going along with a North American takeover attempt spearheaded by Advent International, CPPIB and Centerbridge Partners. They have reported 26.99% acceptance of their offer, including a call option for 6.85%, which it’s reported is controlled by Křetínský’s vehicle Vesa Equity Investment. Unlike Immofinanz’s management, Aareal’s board has recommended investors accept the offer, but not all are heeding the call. Adam Epstein and Petrus Advisers are holding out for a better price. Together, they control around 21% of Aareal. The current offer is valid only until tomorrow, February 2.
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