13th Nov 2015 07:52
LONDON (Alliance News) - Japan Residential Investment Co Ltd on Friday said it has reached an agreement to be acquired by a unit of real estate and private equity investor Blackstone for GBP152.6 million.
Blackstone, which will acquire the Japanese-focused residential property investor through Nikko II Pte Ltd, a newly-incorporated bidding vehicle, will pay 72.00 pence per share for the company.
The offer price is a 32% premium to Japan Residential's closing price on Thursday.
Japan Residential also said it has received another approach valuing the company at the same amount which may or may not lead to an offer. Discussions with this potential rival suitors are at an early stage and the possible bidder is carrying out due diligence.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
JRIC.L