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  "documentTitle": "CPI Property Group (CPIPGR)",
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  "authorName": "Muddy Waters Research",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-11-21 00:00:00",
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  "notes": "Uses legal citation and expert report excerpts to challenge the bidder's justification.",
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      "kind": "callout",
      "text": "However, the Viteks appear to have set an artificially high price (see next slide).",
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      "text": "The Takeover Law provides that the bidder must comply with the minimum price provisions pursuant to Sec 26 ATA. Accordingly, the offer price must at least correspond to: the volume-weighted average stock exchange price of the last 6 months... and the highest consideration paid...",
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      "text": "The Deloitte-issued 'Independent Expert Report' on the transaction also notes that (emphasis added): 'The subject of the anticipatory mandatory takeover offer... relates to the acquisition of all outstanding ordinary shares... which are not held by the Bidder or WXZ1 as Party Acting in Concert with the Bidder.'",
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      "kind": "paragraph",
      "text": "The CPI representative's response appears to be that CPI was legally obligated to raise the per-share price to €23 / share under the Austrian Takeover Law. We do not believe this is so.",
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      "text": "“The subject of the anticipatory mandatory takeover offer published on 12 January 2022 of CPIPG relates to the acquisition of all outstanding ordinary shares (Stammaktien) of IMMOFINANZ admitted to trading on (i) the Vienna Stock Exchange (Wiener Börse), Official Market (Amtlicher Handel) (Prime Market), and (ii) the Warsaw Stock Exchange, Main Market, which are not held by the Bidder or WXZ1 as Party Acting in Concert with the Bidder.” — Deloitte-issued “Independent Expert Report”",
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      "kind": "source-note",
      "text": "https://www.takeover.at/uploads/u/pxe/A1_Uebernahmeangebote/2021/Immofinanz_AG_S-Immo_/Statement_by_the_Executive_Board_of_the_Offeree_Company_-_10_Jan_2022.pdf, Deloitte was engaged by Immofinanz AG to serve as an expert and advise the takeover company during the entire process on the offer and the statements made by the target company.",
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      "kind": "title",
      "text": "Is the €52.1 Million Retroactive Increase Justifiable?",
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