25th Nov 2015 08:32
LONDON (Alliance News) - Japan Residential Investment Co Ltd said Wednesday that it has received a rival takeover approach from another third party which trumps the offer from Blackstone Funds.
Earlier this month, Japan Residential said it had reached terms on a GBP152.6 million, 72.00 pence per share deal to be acquired by Blackstone via Nikko II Pte Ltd, a newly-incorporated bidding vehicle. However, at that time the company said it had received another approach valuing it at the same amount, which may or may not lead to another offer.
Wednesday the Japan-focused residential property investor said it has received a separate approach from another third party at a price of 73.5 pence, which may or may not lead to an offer. Talks with this third party are at an early stage and has started due diligence, it said.
Japan Residential didn't say whether or not it was the same bidder as it reported previously.
Shares in Japan Residential Investment were up 1.5% at 73.47 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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