The 4.00 euros per share offered at the beginning of the year compared to the December 31, 2025 EPRA NTA of 7.39 euros per share represented a multiple of 0.541.
The 2.90 euros per share now being offered compared to the March 31, 2026 EPRA NTA of 6.55 euros per share represents a multiple of 0.443.
Even though 2.90 euros matches the 4.00 euro offer on a euro-for-euro basis when taking capital repayments into account, the multiple is simultaneously completely different. At a 0.541 multiple, the offered price should be 3.545 euros.
It is another matter entirely whether this will have any impact on anything, and the Board will likely repeat in its statement what was noted at the beginning of the year: “Given that Citycon’s shares have traded significantly below its net asset value (EPRA Net Tangible Assets, NTA) for a long period of time, Citycon’s Board of Directors has not considered the offer price’s relationship to the most recently reported EPRA NTA value as the primary factor in its assessment.”