Palmer Capital’s bid for Invista REIM offers the best outcome for the company’s shareholders, Invista REIM chairman Douglas Ferrans said in the company’s AGM statement today.
Ferrans said: “The board has also considered whether it might be in the interests of Invista shareholders for the board to consider an offer for Invista as a whole, at a level that represents fair value for shareholders, given the reducing cash balances and the significant challenges and risks of continuing to hold and manage Invista’s remaining assets if acceptable prices are not forthcoming through a realisation process.
Having considered all the options, the board has concluded that the Palmer Capital offer set out in the scheme document being posted today to shareholders delivers the best overall outcome for Invista’s shareholders.”
Invista REIM accepted Palmer Capital’s £39.7m offer last week, which trumped an earlier £33.6m bid from Internos Real Investors. Invista shareholders Weiss Asset Management spoke out against Internos’s board-recommended offer last month, saying that Internos had undervalued the company.
Sophia.furber@estatesgazette.com
