WOOD Flash – Atrium: shareholders vote in favour of the cash merger with Gazit
Atrium’s shareholders have voted in favour of the cash merger with Gazit at today’s EGM (23 December). This result is in line with our expectations and, we believe, also with the market’s. We viewed Gazit’s offer as attractive, as detailed in our latest update on the stock. Both ISS and Glass Lewis, the leading proxy advisors, had also recommended that investors support the merger. We were surprised by the relatively low participation. Only a third of the 100m shares not controlled by Gazit (a 75% shareholder) voted at the EGM. Around 72% of the minority shareholders represented at the EGM voted in favour of the merger, while c.28% voted against. The merger required a simple majority to pass.Atrium European Real Estate is engaged in the ownership, management and operation of commercial real estate in the retail sector. Co. primarily operates in Poland, the Czech Republic, Slovakia, Russia, Hungary and Romania. Co. has two reportable segments: the standing investment segment includes all commercial real estate held to generate rental income for Co.; and the development segment includes all development activities and activities related to land plots. As of Dec 31 2016, the portfolio of standing investments consisted of 59 properties in Poland, the Czech Republic, Slovakia, Russia, Hungary, and Romania.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
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