21st Jul 2015 14:51
LONDON (Alliance News) - Shaftesbury PLC Tuesday said the tender offer made and announced by Samuel Tak Lee earlier this month to acquire a stake in the FTSE 250 real estate investment trust is not recommended by the Shaftesbury board.
Last week, Shaftesbury noted the announcement that Orosi (UK) Ltd and PEL (UK) Ltd, entities ultimately beneficially owned by Tak Lee, intend to acquire up to 25.87 million ordinary Shaftesbury shares, about 9.3% of the total, through a tender offer at 888 pence per Shaftesbury share.
According to the announcement on Tuesday, Tak Lee followed up his intention to make the acquisition on Monday, and Shaftesbury said the 888.0 pence per share offer compares to the closing price of Shaftesbury shares of 929.5 pence per share on Monday.
Shaftesbury shares were down 0.3% to 927.00 pence per share on Tuesday afternoon.
Shaftesbury had already said the offer was not solicited by the company, and on Tuesday it added the board "does not recommend it".
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
SHB.L