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CA Immobilien, Immofinanz snub Starwood affiliate's tender offers for shares

The respective voluntary public tender offers by an affiliate of private equity firm Starwood Capital Group for stakes in Austrian property companies CA Immobilien Anlagen AG and IMMOFINANZ AG seem destined for failure.

SOF-11 Starlight 10 EUR Sarl, which is controlled by funds advised by Starwood Capital, had earlier offered €27.50 per share to acquire up to 26% of CA Immobilien's overall issued bearer shares and €2.10 per share for up to 5% of Immofinanz's overall issued bearer shares.

CA Immobilien said May 24 that its management board decided that neither the company's treasury shares nor the Immofinanz shares it holds will be tendered into the SOF-11 offers.

Immofinanz in April had already recommended its shareholders to reject the offer.