UPDATE 1-Austria's S Immo says rival Immofinanz's 1.1 bln euro bid is too low

(Adds comment from S Immo)

May 19 (Reuters) - Vienna-based real estate group S Immo said on Wednesday that rival Immofinanz’s 1.14 billion euro ($1.39 billion) offer to buy the company is too low.

S Immo said Immofinanz’s offer price was well below S Immo’s net asset value and did not take into account the value analysis of its property portfolio it had conducted last month.

Discussions over a tie-up between the two companies have been ongoing for years. In 2019, they abandoned talks after failing to agree on a share exchange ratio.

Analysts have long said consolidation among Austria’s three remaining listed property groups, which also include CA Immo , would make sense as it would increase their collective sales power and financial strength.

The 22.25 euro per share offer is subject to the condition that S Immo cancels its current policy limiting its shareholders’ voting rights to 15%, even if their stakes are higher, Immofinanz said.

Immofinanz - which already owns 26.5% of S Immo but wants to gain a controlling stake to strengthen its business and make savings - has failed to overturn that policy in the past.

The minimum acceptance threshold for the offer is 50% plus one share, Immofinanz said, with the acceptance period running from May 19 to July 16.

“S Immo’s management will examine the offer documents from Immofinanz in detail and issue a statement for the shareholders,” a spokeswoman for S Immo said.

$1 = 0.8180 euros Reporting by Veronica Snoj and Zuzanna Szymanska in Gdansk; Editing by Jan Harvey