Austria’s S Immo says rival Immofinanz’s 1.1 billion euro bid is too low

(Reuters) – Vienna-based real estate group S Immo said on Wednesday that rival Immofinanz’s 1.14 billion euro ($1.39 billion) offer to buy the company is too low.

S Immo said Immofinanz’s offer price was well below S Immo’s net asset value and did not take into account the value analysis of its property portfolio it had conducted last month.

Discussions over a tie-up between the two companies have been ongoing for years. In 2019, they abandoned talks after failing to agree on a share exchange ratio.

Analysts have long said consolidation among…