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Shareholders snub Starwood offers for CA Immobilien, Immofinanz stakes

Shareholders rejected respective voluntary public tender offers launched by an affiliate of Starwood Capital Group for stakes in Austrian property companies CA Immobilien Anlagen AG and IMMOFINANZ AG, Reuters reported.

The offers were launched after a merger between CA Immobilien and Immofinanz fell through in February.

SOF-11 Starlight 10 EUR SARL, which is controlled by funds advised by Starwood Capital, offered €27.50 apiece to purchase 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.

In response to the respective offers, only 0.2% of each firm's shareholders tendered their stakes by the offer expiration, the publication noted.