Private investment fund Chambercroft has extended its recommended cash offer for Saville Gordon Estates until further notice. The offer has been declared unconditional, as to acceptances.
As at 3pm on Thursday, Chambercroft had contracted to acquire or had received valid acceptances in respect of 117,335,548 shares in the industrial specialist, representing around 73.5%.
Saville Gordon announced proposals for a management buyout in late May.
Chambercroft, formed by the Morgan Stanley Real Estate Fund IV International limited partnerships (MSREF IV), would buy the company for 121.3p per share with the participation of Savilles executive directors.
The deal values Saville at £200m.
EGi News 21/06/02
