A shareholder in Invista Real Estate Investment Management has called the proposed takeover of the company by Internos “completely unacceptable”.
US-based hedge fund Weiss Asset Management, which owns a 4.3% stake in Invista, said that the £33.6m bid price was too low and could be “significantly improved”.
Weiss objected said that the deal would be at a “substantial discount” to Invista’s net asset value of £65m as of 31 December 2011.
An open letter from Weiss to the board of Invista said: ‘We urge the board and its advisors to actively and aggressively pursue means to improve the offer to shareholders, including by pursuing alternative proposals that value the company at a premium to the price currently being offered by Internos.”
sophia.furber@estatesgazette.com
