Shaftesbury has asked for an extension to the “put up or shut up” deadline for its merger with Capco.
Under takeover rules, Capco was required to announce a firm intention to make an offer by 5pm on 4 June.
However, the Takeover Panel has now consented to a request by Shaftesbury that the deadline be extended to 17 June.
See also: Shaftesbury-Capco merger talks: everything you need to know
The proposed deal was announced earlier this month and will be structured as an acquisition of Shaftesbury by Capco. Shareholders of Shaftesbury – excluding the 25.2% stake Capco already holds – would own 53% of the new company. Capco shareholders would own the remainder.
The combined group would own around 2.9m sq ft of office, residential and retail space, which the new company would control, with a portfolio valuation of around £3.5bn.
Under the arrangements, Shaftesbury chairman Jonathan Nicholls would take a similar role at the new company, while Capco chief executive Ian Hawksworth would take the CEO post.
Brian Bickell, Shaftesbury’s chief executive of 11 years, has said he will retire on completion of any transaction, while Shaftesbury executive directors Simon Quayle and Tom Welton, who have also been with the company for more than 30 years, will leave the business.
To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews
