Daejan accepts £269.5m Freshwater buy out bid

Fri, 21st Feb 2020

The biggest shareholder in property investor Daejan has agreed to acquire all outstanding shares in the company in a deal valuing it at £1.31bn. Daejan's founding Freshwater family offered £80.50 per share for the 20.5% of the company it didn't already own, representing a 56% premium to theirclosing price Thursday and valuing that stake at £269.5m. Chairman Benzion Freshwater said the bid provided a meaningful premium at a level significantly above the all-time high share price. Freshwater said its commitment to long-term ownership of Daejan meant it did not believe there was a possibility of a successful competing bid emerging. 'Accordingly, it seems to me that it is in the best interests of external shareholders to have the opportunity of realising their investment at this time,' he said. At 1:42pm: (LON:DJAN) Daejan Holdings PLC share price was +2835p at 8005p Story provided by StockMarketWire.com

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