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  "documentTitle": "CPI Property Group (CPIPGR)",
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  "authorName": "Muddy Waters Research",
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  "presentationDate": "2023-11-21 00:00:00",
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  "notes": "The slide uses a quote to set up a contradiction, a common tactic in activist short reports.",
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      "text": "As we discuss infra, the mention of a “mandatory takeover offer price” appears to be a false excuse. The adjustment seems to have merely been a way to extract an additional €52.1 million cash from outside investors.",
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      "text": "A representative of CPI PG explained the differences in reporting as follows (emphasis added):",
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      "text": "As we discuss infra, the mention of a “mandatory takeover offer price” appears to be a false excuse. The adjustment seems to have merely been a way to extract an additional €52.1 million cash from outside investors.",
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      "text": "We acquired the shares from WXZ1 before the offer for initial consideration of 261.2m, which was settled in Dec 2021. The second consideration of EUR 52.1m is the difference between the initial purchase price and the mandatory takeover offer price for the IMMOFINANZ shares, which followed shortly after. 320.9 is the price for the shares with 313. After deduction of some liabilities at WXZ1.",
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      "text": "“We acquired the shares from WXZ1 before the offer for initial consideration of 261.2m, which was settled in Dec 2021. The second consideration of EUR 52.1m is the difference between the initial purchase price and the mandatory takeover offer price for the IMMOFINANZ shares, which followed shortly after. 320.9 is the price for the shares with 313. After deduction of some liabilities at WXZ1.” — A representative of CPI PG",
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      "text": "The Correct Number is €313.3 Million",
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