IMMOFINANZ CEO Zehetner made a statement to journalists today on the release published by CA Immo and O1 Group that they are currently considering a minority investment in IMMOFINANZ.On the potential offer price, which could be around the closing share price on 24 February 2015 (EUR 2.51), the CEO said: "I consider the amount ridiculous. I can't imagine such an offer to succeed".
It is more likely considered a response to the leaked plans.
By comparison: O1 offered around 85% of the net asset value per share (NAV) for CA Immo, in which it now holds a stake of 26%. 85% of the most recently published NAV for IMMOFINANZ results in a figure of EUR 3.8 per share. And Zehetner believes that more has to be offered for IMMOFINANZ due to its size, portfolio, etc. "The first digit should be a 4 ", the CEO said.
Zehetner also believes that O1 Group could choose a similar approach to IMMOFINANZ as with CA Immo – which would be to aim for a stake of about 26%. Thus in a diversified company such as IMMOFINANZ a "comfortable" majority could also be reached in an annual general meeting.
In response to the question of whether he would characterise the potential offer as "hostile", the CEO said: "We're generally happy about any shareholder who's interested in us. We are a capital market player. We consider it an acknowledgement of the work we've done when a buyer is interested in investing - particularly if that buyer is from Russia". Against this background it could also be assumed that a well-connected Russian investor might be more optimistic about the situation and further development in Russia.