16th Nov 2021 09:31
Yew Grove REIT PLC - invests in Irish office and industrial properties outside Dublin's central business district - Accepts EUR127.8 million cash takeover offer from Slate Office Ireland Investment Ltd, an indirect subsidiary of Slate Office REIT. The offer of EUR1.017 per share represents just a 1.7% premium to Yew Grove's closing price on Monday, but shareholders also will receive a 1.20 cents dividend for the third quarter. The offer, which gives a EUR177.4 million enterprise value to Yew Grove when including debt, has been unanimously recommended to shareholders by the board. In agreeing to the offer, the company noted that at the time of its listing in 2018, it intended to build a property portfolio worth EUR300 million to EUR500 million in three years. "The directors are conscious of the challenges of raising capital at the scale and timeframe required to fully exploit Yew Grove's attractive investment pipeline," the company said, arguing that the Slate offer gives shareholders a cash exit at an "attractive valuation".
Current stock price: EUR1.02
Year-to-date change: up 20%
By Tom Waite; [email protected]
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