28th Jun 2019 15:24
(Alliance News) - Thalassa Holdings PLC confirmed Friday it was not making an offer for Local Shopping REIT PLC and has no intention to do so.
The property firm made the announcement after being named as an "offeror" for Local Shopping REIT by the UK Takeover Panel. Thalassa explained this was due to it becoming a "controlling" shareholder in the real estate investment trust following a proposed share buyback transaction.
"The company has been identified as an 'offeror' because Thalassa will obtain a controlling shareholding in LSR if the transaction successfully completes," Thalassa explained in a statement. "However, Thalassa is not making a contractual offer for LSR and has no intention of doing so."
Earlier in June, Local Shopping REIT agreed - with the support of Thalassa - to launch a share buyback tender offer at 31.33 pence per share in order to return capital to shareholders.
This offer followed the lapsing of an earlier attempt from Thalassa to buy the remaining stake in Local Shopping it did not already own. In January, Thalassa had offered 14.64 pence in cash and 0.26 Thalassa shares for every Local Shopping REIT share it did not already hold.
At that time, Thalassa held a 26% stake in Local Shopping REIT.
Shares in Thalassa were 1.7% lower at 80.10 pence in London on Friday, while Local Shopping REIT was untraded at 29.80p.