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Aedifica secures 90% of Hoivatilat's shares, voting rights after takeover bid

Aedifica SA secured about 90.0% of all issued and outstanding shares and voting rights of Hoivatilat Oyj following the buyer's takeover bid, which ended Jan. 3.

The healthcare real estate investor now controls roughly 95.5% of all shares and voting rights of the Finnish property company, given the preliminary result of the voluntary takeover bid as well as the 5.5% of Hoivatilat's shares acquired on the Nasdaq Helsinki.

Aedifica's unit, Aureit Holding Oy, offered to buy all 25,439,229 outstanding shares in Hoivatilat on Nov. 4, 2019, at an increased offer price of €16 per share. This values the target company at approximately €408 million.

The Belgian healthcare property company will announce the final result of its tender offer Jan. 9, while compensation and settlement will be Jan. 10.

Aedifica might start a subsequent offer period and initiate a mandatory "squeeze-out" procedure upon the announcement of the final result and provided that the tender offer is completed.