Immofinanz’s executive board will be recommending shareholders turn down an offer by Starwood Capital Group for 5 percent of its shares at a price of €2.10 per share. Starwood made the offer at the same time that it announced its offer to buy a 26 percent stake in CA Immo at a price of €27.50 per share. The executive board wrote that it welcome Starwood’s interest, claiming it validated the boards efforts to make Immofinanz’s shares attractive to investors. “However, in view of the sustainable and steady improvement in key performance indicators and the positive outlook for IMMOFINANZ’s business development, the Executive Board considers the announced offer price of EUR 2.10 per share to be inappropriate.”
