|
contents | business | |||||||||
| Syndicate of sellers makes public offer for 10% of Conwert Conwert Immobilien Invest AG, an Austrian real estate company that buys and renovates apartment buildings, announced that, in relation to the previously announced ad hoc publication of October 1, 2007, the company intends to acquire a total of 25 real estate management and real estate service companies, including Conwert Management GmbH and ECO Management GmbH. The sellers of these companies have formed Albertgasse 35 Beteiligungs KG, which intends to make a voluntary public offer for 10% of the share capital of Conwert Immobilien Invest AG at an offer price of EUR 15 per share. The shareholders of Albertgasse 35 Beteiligungs KG will provide it with approximately EUR 128 million from the proceeds from the sale of the 25 real estate management and real estate service companies to finance this offer. The offer is dependent on the 25 companies actually being sold and Conwert's payments for such companies being made. All Conwert shares acquired in the offer will be held by the shareholders of Albertgasse 35 Beteiligungs KG until at least the end of 2008, with a minimum of two-thirds being held until the end of 2012. At present, subject to the approval of the tender documents by the Austrian Takeover Commission, the offer is expected to go ahead in December 2007. write your comments about the article :: © 2007 Construction News :: home page |