Raiffeisen Corporate Finance advised Fadmatt AG in the defense to an unsolicited takeover offer from Mobimo

Immobiliengesellschaft Fadmatt AG is a Swiss residential real estate company established in 1861. Its registered shares, which are traded on some Swiss OTC-platforms, are held by approximately 140 shareholders. The highly illiquid shares typically traded around CHF 15’000. Raiffeisen Corporate Finance has been retained by Fadmatt’s Board of Directors to advise on an unsolicited offer received from Mobimo, valuing Fadmatt at
CHF 21’000 per share. Mobimo, which is listed on the SIX Swiss Exchange, preannounced its public offer in an ad-hoc statement on January 22, 2018. On the same day, Fadmatt published a shareholder letter where it rejected Mobimo’s offer as too low and where it announced Raiffeisen’s appointment as exclusive financial adviser engaged to run a structured auction process.
After several bidding rounds, Mobimo submitted the highest and the best offer valuing Fadmatt at CHF 28’000 per share, corresponding to an equity value of CHF 182 million, or including debt and deferred taxes, a real estate portfolio value of CHF 289m.

Among other terms, at least 67% of all Fadmatt shares have to be tendered to successfully close the deal. Upon the announcement of the recommended offer from Mobimo already secured an acceptance level of more than 50% due to the recommended nature of the transaction.

Raiffeisen

Advised in the sale of

Immobiliengesellschaft Fadmatt AG

to

Mobimo Holding AG

Infrastructure and Real-Estate

MidCap Alliance