Mobimo wants to take over Fadmatt
Mobimo Holding wants to acquire a majority stake in the real estate company Fadmatt AG. However, the Fadmatt Board of Directors has rejected the offer as too low.
According to a press release dated January 22, Mobimo intends to pay around CHF 140 million for its majority stake in Fadmatt, which corresponds to a price of CHF 21,000 per Fadmatt share. At least half of the purchase price is to be paid in Mobimo shares, i.e. by exchanging Fadmatt shares for Mobimo shares.
In a letter to shareholders on the same day, the Board of Directors of Fadmatt described the offer as too low and recommended that shareholders reject it. According to the letter, a great deal has been invested in recent years, which will be reflected in significantly higher earnings and cash flows in the future. Mobimo has apparently not taken this into account in the offer. The Board of Directors is of the opinion that a better result could be achieved in a structured sales process with several potential investors. According to a report from Finance and economy Mobimo is also considering bidding in this process.
Fadmatt AG was founded in 1861 with the aim of building affordable housing for workers in Zurich. Today, the company owns residential properties in Au-Wädenswil, Schaffhausen, Urdorf, Winterthur, Oberengstringen and Thalwil. The business purpose is to maintain and renovate the properties.
With a portfolio with a total value of over CHF 2.7 billion, the listed Mobimo Holding is one of the largest real estate companies in Switzerland. The portfolio consists of investment and development properties in German-speaking and French-speaking Switzerland.
