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.