Capital & Regional shareholders accept Growthpoint’s offer
A sufficient number of the shareholders of UK mall owner Capital & Regional indicated they would accept the sale of a controlling stake to SA’s real estate firm Growthpoint Properties, the company said on Thursday.
Growthpoint had received valid acceptances from about 46.9% of Capital & Regional shareholders on Wednesday afternoon, meeting the acceptance threshold of 30.2%.
Shareholders of the UK mall owner voted 97.41% in favour of the proposed deal on Tuesday, in which Growthpoint will take just more than a 51% stake in the company.
Under the deal, Growthpoint will pay 33p (about R6.28) per share to acquire about 30.2% of Capital & Regional. It is a 100% premium to the latter company’s share price on September 10, the day before the proposal was announced.
Growthpoint will also subscribe to acquire 311-million new Capital & Regional shares at 25p per share.
Capital & Regional’s share price was up 1.06% to R46.79 on Thursday morning, while Growthpoint was flat at R22.80.
Would you like to comment on this article or view other readers' comments?
Register (it’s quick and free) or sign in now.
Please read our Comment Policy before commenting.