ING Real Estate Investment Management has flagged a possible takeover bid for the £127.1m Property &...
ING Real Estate Investment Management has flagged a possible takeover bid for the £127.1m Property & Income Growth (Pig) investment company.
The proposed offer of 17.5p per Pig ordinary share plus a 0.5p special dividend is higher than the offer already made by the trust's manager, David Bruce, who is looking to takeover the vehicle. He has offered 16.5p per ordinary share plus a 0.5p special dividend. Pig is a closed ended fund incorporated in Guernsey.
ING Real Estate, which was acting for an unnamed client, said it would also offer 100p in cash per zero dividend preference share, while the offer made via Land Race Ltd, a Guernsey-domiciled company wholly owned by Bruce, included no consideration for zeroholders.
The proposal, made on 6 May, prompted Land Race to declare its offer unconditional on 9 May, despite having only received acceptances for 67% of the closed ended fund's issued capital, below the 75% threshhold previously set by Bruce.
The declaration means the Land Race offer will now remain open for acceptances until further notice, rather than closing on 15 May as previously declared, and that Land Race has committed to acquiring the
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