French fund management company Icamap has blasted Gazit Globe's takeover offer for Atrium's outstanding shares as 'unfair and unacceptable', advising the board of Atrium to 'withdraw or renegotiate its recommendation' for Gazit's proposal.
In a letter signed by managing director Harm Meijer, Icamap - which is a minority shareholder of Atrium, with a 1.38% stake in the company - told the Atrium board that the offer 'significantly undervalues' the company.
'Based on multiple valuation criteria, Icamap estimates a fair value range between €4.75 and €5.25 per share versus €3.75 per share offered, which even excludes the two expected quarterly dividends for the remainder of the year,' Meijer wrote.
The letter added: 'Icamap demands that the board of Atrium fulfil its obligation towards minority shareholders to seek the best present value reasonably available to shareholders' and 'withdraw its recommendation' with a view to renegotiating terms.
According to Meijer, the offer represents 'a large discount... to NAV per share', citing a range of spot net asset values and gross asset values registered over the course of year, peaking in relation to the bid at discounts of 28.4% and 18.9% respectively.
It also represents 'a significant discount to to its peer group', the letter noted, referring to superior trading figures for the likes of CPI Property Group, NEPI Rockcastle and Echo Polska Properties.
'The market recognises that Gazit is acquiring Atrium at a bargain,' the letter said, adding that the 'seven week "go shop" window put in place to solicit alternative offers from third parties is clearly and completely inadequate'.
'All the company’s loyal shareholders have assisted Atrium during its re-positioning, and after years of transformation the bulk of the results will be reaped by Gazit only,' Meijer concluded.
Atrium is yet to respond publicly to the letter.
Icamap was founded in 2014 by former Unibail-Rodamco CEO Guillaume Poitrinal.