Glenstone makes "final" sweetened offer for Alternative Income REIT

Alternative Income REIT PLC on Monday received a "final" sweetened takeover bid from Glenstone REIT, which values the company at £57.5 million.

Both AIRE and Glenstone are London-based real estate investment trusts. Glenstone last month announced its firm intention to make a 70 pence per share cash offer for AIRE, which valued the latter at approximately £56.4 million.

AIRE said it had "many reasons" not to recommend the 70p-per-share offer, pointing out that it was 17% lower than AIRE's net asset value per share of 84.4p at March 31.

Glenstone has upped its offer by 2.0% to 71.4p per share, or £57.5 million in total, which it said is "final". It will only consider increasing the offer if another suitor swoops in with a competing bid.

AIRE shares were marginally higher at 69.50p on Monday morning in London, giving it a market capitalisation of approximately £56.0 million. The stock is down 8.3% over the past year.

Last month, AIRE warned of the "potential consequences" for minority shareholders if the offer succeeded, arguing that Glenstone's plan to appoint its own board executives, pursue a wind-down and delist AIRE from the London Stock Exchange, "would significantly weaken and potentially end the effective checks and balances that the current independent non-executive directors provide."

Glenstone on Monday said it "believes that the offer continues to be an attractive liquidity opportunity for AIRE shareholders" and encouraged them to accept it "as soon as possible".

The offer is initally open until September 4. So far, support for Glenstone's offer amounts to 32.8% interest in AIRE, including the 24.8% stake which Glenstone already holds, and commitments for a further 8.0%.

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