GE Real Estate gets majority interest in Sophia

GE Real Estate Investment France (GREIF) has obtained approx. 88.84% of the Sophia-capital, meaning 96.78% of the voting rights and almost 66% of the convertible property bonds, through a takeover bid payable in cash which was finalized on January 20, 2004.

With € 41 per share GEREIF, part of GE Capital (General Electric Group), had overbid the offer by SFL. GEREIF’s competitor made a takeover offer in which Sophia’s share was valued at € 38.5 or 4 shares of Sophia in exchange for 5 shares SFL. Earlier on Sophia’s board of advisors had unanimously advised its shareholders to bring in their stock for the cash offer by GEREIF. The outcome of this case was therefor not surprising.

Source: Immo

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