Aedifica Aedifica and Cofinimmo reach agreement on improved exchange ratio
Aedifica and Cofinimmo reach an agreement on an improved exchange ratio of 1.185 instead of the initial 1.16. The first bid was refused by Cofinimmo as their board preferred 1.21. The new exchange ratio meets perfectly in the middle and is unanimously approved by both boards. The new exchange ratio is earnings accretive for both shareholders. It avoids a hostile take over bid at an increased cost of 2.2% which is a logic price to pay. Our base case scenario has now materialised. The new board will consist of each 5 non-executive members of Aedifica and Cofinimmo plus the CEO. The updated voluntary exchange offer has similar conditions: MAC and merger approval. For the latter, Aedifica has already obtained approval in Germany and waits for clearance in Belgium and The Netherlands. There are some changes in important dates: The EGM of Aedifica on 12/06 to vote on the share issuance is postponed to a new unknown date. The acceptance period will open on 01/09/2025 versus previously 18/08/2025.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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