Cian says it has no formal offer from T-Technologies yet
Russian property platform Cian says it has not decided to sell 100% of its shares to T-Technologies and has received no official offer, despite the bidder's announced plan.
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giftdetect· the right gift in minutesRussian real estate platform Cian has not decided to sell all of its shares to T-Technologies and has not yet received an official offer, a company representative said. The statement follows the bidder's announcement of a planned takeover.
According to the representative, T-Technologies' initiative is one of the possible mechanisms for acquiring the company, but it does not in itself mean a deal will happen. He added that the move reflects recognition of Cian's market leadership and of the high value and technological strength of its platform.
What happens next
Cian's board of directors and shareholders will review the proposal once it is formally received. The company promised to report significant stages of the process and any confirmed decisions. For now, Cian will keep working on its current tasks and its plans for next year.
What T-Technologies announced
On 6 November it was reported that T-Technologies plans to acquire up to 100% of Cian's shares and will offer shareholders to buy their securities at 993.05 rubles per share. The offer envisages buying at least 50% of Cian's issued ordinary shares.
After review by the Central Bank, the document is to be sent to MKPAO. Shareholders will receive the offer only after Cian's board of directors adopts its recommendations.
For investors and users of the platform, the key point is that the process is at an early stage: a price has been floated, but neither the board nor the shareholders have taken a position.
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