Schoenherr advised the supervisory board of Austrian IMMOFINANZ AG in connection with the two competing takeover bids by CPI Property Group SA and S IMMO AG.
In December 2021, CPI Property Group SA (CPI) announced its intention to make an anticipatory mandatory offer for all outstanding shares and convertible bonds of IMMOFINANZ AG (IMMOFINANZ). At that time, CPI had already secured approximately 32 % of IMMOFINANZ. Shortly thereafter, S IMMO AG (S IMMO), IMMOFINANZ's second largest shareholder, announced a competing partial offer for IMMOFINANZ and published this before Christmas. CPI was then able to secure additional blocks of shares and finally agreed with S IMMO to increase the offer price to EUR 23.00 per share. In return, S IMMO committed to selling its IMMOFINANZ shares to CPI. At the end of the acceptance period on 23 February 2022, CPI was thus able to increase its stake in IMMOFINANZ to over 50 %.
Schoenherr has been advising IMMOFINANZ's supervisory board on all legal aspects surrounding the two competing takeover bids since early December 2021. "We are pleased to have been able to assist the supervisory board of IMMOFINANZ in this complex bidding contest," said Sascha Hödl, partner and co-head of Schoenherr's corporate/M&A practice.
IMMOFINANZ AG is an Austrian real estate company that focuses its activities on the office and retail segments in the core markets of Central and Eastern Europe. The company's real estate portfolio had a total book value of EUR 5bln as of 30 September 2021 and comprises approximately 210 properties. IMMOFINANZ shares are listed on the Vienna Stock Exchange and the Warsaw Stock Exchange.
CPI Property Group SA is a leading investor in the real estate sector with a focus on the Czech Republic, Berlin as well as the CEE region.
The Schoenherr team advising the supervisory board of IMMOFINANZ consisted of Sascha Hödl (partner) and Sascha Schulz (counsel). The board of IMMOFINANZ was represented by bpv Hügel (lead: Christoph Nauer). CPI was advised by Wolf Theiss.