G City launches mandatory tender offer for Citycon

Global real estate company G City is launching a mandatory cash tender offer for all outstanding shares and stock options in Nordic real estate company Citycon. 

ISO Omena - Citycon

This comes after G City's total ownership, combined with its subsidiary and Chaim Katzman, surpassed 50% of Citycon's shares and voting rights on 3 November 2025, reaching approximately 58.11%.
The offer price for each Citycon share is €4.00 in cash. This represents a significant premium: 35.8% over the closing price on 31 October 2025 (the day before the mandatory offer was triggered), 18.9% over the three-month volume-weighted average price, and 17.6% over the twelve-month volume-weighted average price. 
The total value of Citycon's equity under this offer is €734 mln.
The tender offer is conditional upon receiving all necessary regulatory and competition approvals. G City, a global real estate company listed on the Tel Aviv Stock Exchange, has been a long-term investor in Citycon since 2004. With extensive expertise in mixed-use urban properties, G City believes it can further develop Citycon's growth strategy.
The transaction is not expected to immediately impact Citycon's operations, business locations, assets, or employee/management positions. 
G City has secured the necessary financing for the offer. The tender offer document is expected by 31 December 2025, with the offer period commencing around 2 January 2026, and ending 16 February 2026, potentially extendable for regulatory approvals. Completion is anticipated in the first quarter of 2026.