Swiss Jelmoli results improving as more shareholders reject Swiss Prime Site offer

Swiss real estate and stores group Jelmoli Holding, currently under a share-based takeover bid from Swiss Prime Site, also based in Zurich, reported a rise in rental income for the first half of 19.3% but said some major shareholders have rejected the recommended SPS offer, which runs to 14 September. Jelmoli has been in a state of flux in recent months thanks to the offer, pitched at 8.1 SPS shares for one Jelmoli share. A report by the Jelmoli board said some major shareholders - amounting to around 17% of voting rights - have announced they will not tender their shares at the exchange ratio. The takeover was sparked by an SPS agreement earlier this year with Pelham Investments, controlled by Georg von Opel, scion of the German carmaking family, to acquire all its 29.9% Jelmoli registered shares.