Hong Kong billionaire Li Ka-shing is close to buying Civitas Social Housing in a £485m deal.
The owner of the Greene King pubs group has made an 80p-a-share cash offer through his vehicle CK Asset Holdings.
Although the bid is 44.4% above Civitas’s closing share price on Friday night, it is still 26.7% below the company’s net asset value.
Michael Wrobel, chair of Civitas, said CK’s offer “undervalues the long-term prospects of Civitas” but has recommended that its shareholders accept the proposal anyway.
