UPDATE: AEW UK REIT confirms possible bid for Alternative Income REIT
AEW UK REIT PLC on Tuesday confirmed that it is considering an all-share offer for Alternative Income REIT PLC.
Alternative Income REIT PLC had earlier on Tuesday confirmed in response to press speculation that it had received an indicative, non-binding proposal from AEW UK REIT PLC.
Alternative Income REIT invests in UK commercial property assets let on long leases, while AEW UK REIT is also a commercial real estate investor.
The exchange offer ratio would be ‘calculated by reference to the respective net asset values of both companies, adjusted for transaction costs and dividends, and incorporating a 3% discount to the net asset value of [Alternative Income REIT],’ Alternative Income REIT said in its announcement.
Alternative Income said its board was evaluating the offer, and would make a further announcement ‘as and when appropriate’.
The put-up-or-shut-up deadline for AEW UK to announce a firm intention to make an offer or not is 1700 BST on April 21.
Alternative Income REIT shares were up 4.1% at 74.94 pence each on Tuesday afternoon in London.
AEW UK shares were 1.6% higher at 100.62p each.
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