4th Dec 2020 11:02
(Alliance News) - Shares in Hunters Property PLC leapt on Friday after confirming the receipt of a preliminary takeover approach from Bournemouth-based estate agency Property Franchise Group PLC.
Shares in the Yorkshire-based estate agent were 32% higher at 77.50 pence on Friday in London, having peaked at 95.00p. Property Franchise's shares were 3.9% lower at 173.50p. Both companies are traded on AIM.
The terms of the acquisition remain subject to discussion and due diligence conducted between both companies, leaving no certainty that an offer will be made. Property Franchise has until January 1 to make a firm decision on whether it will actually make an offer for Hunters.
Hunters Property has 32.8 million shares in issue, meaning that based on its closing share price of 58.50 pence, the company has a total value of around GBP19.2 million. Property Franchise Group has a market capitalisation of GBP44.8 million.
By Dayo Laniyan; [email protected]
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