Public Property Invest, PPI, launched a takeover offer for Spotlight-listed Preservium this morning. PPI has real estate profile lija Batljan as chief investment officer and is 41 percent owned by SBB.Like Affärsvärlden, EFN criticizes the stated valuation in the transaction. "The offer for listed Preservium comes with a "mix and match offer" with a stated value of SEK 69. The catch, of course, is that the offer, which consists of 70 percent shares and 30 percent cash, is based on a fanciful valuation of the shares, namely net asset value and not the latest share price," EFN writes in a commentary on Tuesday. In Swedish kronor, with PPI shares at today's price, the offer is rather around SEK 52, EFN estimates, which corresponds to Affärsvärlden's assessment of the value.