Ground Rents Income Fund rejects fourth takeover approach

Ground Rents Income Fund has rejected a fourth takeover proposal from Victoria Property Holdings, part of Martin Property Group. The latest proposal is for a deal at 37.5p per share, an extra 3.5p or 10.3% on top of the last proposal of 34p. The first was for 31p per share. “The board has concluded that the latest proposal remains unattractive and materially undervalues the company and that it cannot recommend the latest proposal to GRIO shareholders,” the company said. “Accordingly, the board is unanimously rejecting the latest proposal.” Victoria Property has until 5 February to make a firm offer.