UPDATE: Alternative Income extends PUSU deadline for AEW UK

Alternative Income REIT PLC on Thursday said it extended the deadline for AEW UK REIT PLC to announce a firm intention to make a takeover offer.

Earlier on Thursday, AEW UK confirmed it is considering possible takeover offer for fellow real estate investment trust Alternative Income REIT.

Alternative Income said AEW UK now has until August 28 to announce a firm intention to make an offer, or to announce that it does not intend to make an offer. The prior deadline had been August 13.

Under the all-share proposal, Alternative Income shareholders would receive 0.725 of an AEW UK REIT share for each Alternative Income share held.

AEW UK said the possible acquisition would be expected to be earnings accretive.

AEW UK shares fell 1.5% to 105.20 pence each on Thursday afternoon in London, making the offer worth 76.27p per Alternative Income share. The stock rose 1.7% to 69.78p.

AEW UK said: "The possible offer could lead to the combination of two REITs with aligned portfolios, offering greater portfolio diversification, the benefits of increased scale, a reduction in operating costs and an attractive ongoing dividend per share, with AEWU currently paying an annual dividend of 8 pence."

Last week, Alternative Income said it was considering a sweetened takeover offer from Glenstone REIT PLC, but said that the new offer remained below its net asset value at the end of March.

Glenstone in early July announced an offer of 71.4p per share, or £57.5 million in total, which it said is "final", adding it will only consider increasing the offer if another suitor swoops in with a competing bid. The AEW UK offer is 6.8% higher than Glenstone's latest offer at AEW UK's current share price.

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