Immofinanz says bid by Starwood is too low: Reuters

Immofinanz (IMFI.VI) dismissed a bid by U.S. private equity firm Starwood Capital Group for a stake in the Austrian property group, saying the price it was offering was too low.

“In view of the sustainable and steady improvement in key performance indicators and the positive outlook for Immofinanz’s business development, the Executive Board considers the announced offer price of 2.10 euros per share to be inappropriate,” Immofinanz said in a statement on Tuesday.

Starwood last week announced bids to acquire a quarter of Austrian property company CA Immo (CAIV.VI) and a smaller stake in its rival Immofinanz.