The share price of RDI Reit jumped as much as 19% on Wednesday morning after it confirmed it had been approached regarding a possible take-over offer. Media reports on Tuesday suggested that Australia-based Cromwell Property Group was seeking to acquire RDI’s entire share capital. At 11am, RDI was up 14.5% to R28.74, having earlier gained as much as as 19.2%. RDI, which has a primary listing in London, and a secondary listing on the JSE, said on Wednesday that Cromwell had until April 23 to make a firm offer. “There can be no certainty that any offer can be made, nor as to the terms of any such offer,” the company said in a statement. RDI was formerly known as Redefine International, and has a portfolio valued at about £1.65bn in the UK and Germany. The company reported that net asset value per share had grown 3.8% to 2.70p in the year to end-August, while underlying earnings had grown 7.4%. Cromwell said on Wednesday that any transaction would be consistent with its plans to grow ...
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