VIENNA May 7 Austrian property group Conwert has decided not to pursue an offer it got for its German portfolio, the majority of its business, its chief executive said on Wednesday.
"The offer that became known is not as great as it perhaps looks," Clemens Schneider told shareholders at the company's annual meeting. "We have decided not to pursue the offer further."
The former administrative board chief of Conwert, together with a consortium of investors, made an offer in March for the company's German portfolio.
A source with knowledge of the matter said the offer was worth about 750 million to 800 million euros ($1.04-1.11 billion), corresponding to the net asset value of the German business, and that the consortium was led by a major U.S. insurer. (Reporting by Georgina Prodhan)