Irish Residential shares up as supports potential takeover by Barings

Irish Residential Properties REIT PLC on Monday announced it would be minded to recommend a takeover offer from Baring International Investment Ltd, known as Barings.

Irish Residential, a Dublin-based private rental accommodation provider, said the fifth proposal by Barings is at a price of EUR1.386 per share. As the company has 524.3 million shares according to Euronext, the potential offer values the company at EUR726.7 million.

In Dublin, its shares surged 22% to EUR1.29, having closed at EUR1.06 on Friday. It has a market capitalisation of around EUR676.4 million.

In London, Irish Residential shares shot up 22% to EUR1.31 each on Monday morning in London, having closed at EUR1.07 on Friday.

Barings has until November 9 to announce either a firm intention to make an offer, or to announce that it does not intend to make an offer for Irish Residential.

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