Immofinanz had demanded that the maximum voting rights in s Immo be revoked. It says that no shareholder can exercise more than 15 percent of the voting rights, no matter how many shares he owns. At last week’s extraordinary general meeting, 61 percent of the capital represented there was in favor of the abolition of the maximum voting right, but the 75 percent capital majority required by the statutes was not achieved.
Large shareholders voted against it
In particular, it has been shown that the three large shareholders, Aggregate Holdings, EVAX Holding des Peter Korbacka and Erste Asset Management, with a total of around 28 percent voting weight in the general meeting, voted against, according to the broadcast by Immofinanz.
This meant that one condition of Immofinanz’s takeover offer had not been met. Since Immofinanz does not want to adjust its offer, the takeover will not be pursued any further. “The vote offered the opportunity to pave the way for the merger of the two companies and to transform s Immo and Immofinanz into a major Austrian player that plays in Europe’s top league. Unfortunately, shareholders of s Immo have decided against it. That is ours Offer no longer valid, “writes Stefan Schnauer, Head of Finance at Immofinanz.
Immofinanz will continue to pursue its independent growth and is “ideally positioned for it with moderate debt and around one billion euros in liquid funds”.
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
