Aedifica Launches a share offer on Cofinimmo after take-out speculation
Aedifica proposed a voluntary conditional exchange offer for all outstanding Cofinimmo shares. They offer 1.16 new Aedifica shares per Cofinimmo share. The offer values each Cofinimmo share at EUR 80.91, representing a 20.8% premium over Cofinimmo's “undisturbed” share price of EUR 67.00. and adjusted for the difference in proposed FY24 gross dividends. The offer is subject to a minimum acceptance threshold of 50%+1, a standstill by Cofinimmo and unconditional merger approval in Belgium, the Netherlands, and Germany, as well as FDI approval in France. The share issuance will need to be approved by the EGM of Aedifica, which will be convened on or about 12 June 2025. It is clear this offer came as a surprise to Cofinimmo as the board is currently evaluating the proposal. The news had to be communicated to the market due to speculation. There was a rumour in the market of US private equity bidding for Cofinimmo. We believe this could be related to a possible spin-off of the office portfolio if and when the deal succeeds.Aedifica is a property company, which is specialized in residential real estate. Co.'s portfolio has a superstructure of more than 225,911 sq. m as of June 30 2010. It owns: residential or mixed buildings in Belgian cities with classical leases; buildings with furnished apartments buildings in the heart of Brussels with shorter term leases; senior houses and serviceflats with very long term and triple net leases; and hotels. Co. invests: in existing and already leased buildings; and in projects with future completion. Co.'s activities can be divided into four segments: Residential or mixed buildings; Furnished apartments buildings; Senior houses; and Hotels and others.
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