Irish Residential Properties' board recommends Barings takeover

Irish Residential Properties REIT PLC on Monday agreed to the takeover offer made by Baring International Investment Ltd, known as Barings.

The Dublin-based private rental accommodation provider recommended that shareholders vote in favour of the acquisition, Barings' fifth bid, which offers EUR1.386 in cash per Irish Residential Properties share.

This represents a premium of almost 31% to Irish Residential Properties' closing share price of EUR1.060 on September 25, the last business day before Barings made the proposal. Irish Residential Properties said the offer values its share capital at around EUR731 million on a fully diluted basis.

If shareholders agree to the takeover, Ireland Residential Holdings Ltd, an investment vehicle incorporated in Jersey and wholly owned by funds and accounts managed or advised by Barings, will purchase the entire capital of Irish Residential Properties.

The acquisition is expected to become effective in the first quarter of 2027.

Chair of Irish Residential Properties Hugh Scott-Barrett said the company trading performance did not reflect its "underlying quality and performance of the business" in recent years.

"Having carefully considered the certain cash value and premium over prevailing market prices available to shareholders today, against the potential returns available to shareholders from execution of the standalone strategy, the board unanimously recommends Barings' offer," Scott-Barrett added.

Irish Residential Properties shares were up 4.8% at EUR1.364 in Dublin on Monday.

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