Real Estate player Aedifica does takeover bid for sectors Cofinimmo
© Belga
Zorgvastgoedeler Aedifica announced a conditional exchange on all voting effects of sector sector Cofinimmo on Thursday evening. This is apparent from a press release from Aedifica. Both shares were suspended earlier on the Brussels stock exchange on Wednesday.
Aedifica offers 1.16 new own shares per Cofinimmo share, which amounts to an implicit bid price of 80.91 euros. That price represents a premium of more than 20 percent compared to the Cofinimmo price just before the stock market. Even with correction for the proposed dividends, the bid would be more attractive: the premium will rise to 25.6 percent, it sounds.
With the bid, Aedifica aims for the takeover of at least half plus one of the Cofinimmo shares. No additional financing is required, although the extraordinary general meeting of Aedifica must still approve the issue of the new shares. It is planned around 12 June.
According to Aedifica, a merger offers strategic benefits, such as a larger portfolio in existing core markets, a better spread of tenants and possible operational synergies. The real estate group now hopes for discussions with the Cofinimmo Board of Directors about a possible declaration of support for the bid.
Both Cofinimmo and Aedifica belong to Bel20, the stock basket with the most important listed companies in the Brussels stock exchange. Both companies focus on healthcare real estate.
