2nd Jul 2021 17:40
(Alliance News) -Â GCP Student Living PLC on Friday confirmed it has received takeover interest from a consortium comprising Scape Living PLC and iQSA Holdco Ltd, and is in talks with the duo.
GCP, noting recent press reports, said it has received a "series of non-binding proposals" for the firm, other than the shares held by funds managed by APG Asset Management NV, to be funded by the consortium's respective primary shareholders - being funds managed by APG and funds advised by Blackstone Group International Partners LLP.
APG currently holds just over an 11% stake in the student accommodation investor.
"The company remains in discussions with the consortium. However, following discussions with the company's independent valuer, the board is anticipating a material increase in its property valuation for the period to 30 June 2021," it said.
The consortium has until July 30 to either announce a firm offer or walk away, under takeover rules. There can be no certainty that any offer will be made, said GCP Student.
Shares in GCP Student closed up 3.8% at 169.20 pence in London on Friday, giving the firm a market capitalisation of GBP770 million.
By Lucy Heming;Â [email protected]
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