Hansteen has extended its offer to buy Industrial Multi Property Trust after securing less than half of the company’s shares by the deadline yesterday.
The FTSE 250 REIT made an all-cash offer of 300p per share to IMPT’s shareholders on 17 February and bought nearly 16% of the company’s share capital.
It has received valid acceptances for a further 28%, bringing its total holding in the company to 44%.
The offer has now been extended to 22 March, but Hansteen said it cannot guarantee a further extension.
A statement from Hansteen this morning said: “Should the offer lapse, there is no certainty that an alternative transaction will be pursued by Hansteen. IMPT shareholders who have not yet accepted the offer are urged to do so without delay.”
IMPT’s biggest shareholder, Alpha Real Trust, condemned the deal days after Hansteen announced it, claiming it had not been consulted and that the offer fails to maximise the portfolio’s value.
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