By Najat Kantouar
Ground Rents Income Fund rejected the latest takeover proposal made by Victoria Property valuing the company at 35.9 million pounds ($44.6 million), but said that it remains open to possible offers.
The real estate investment trust said Friday that its board unanimously rejected Victoria Property's latest proposal as it materially undervalues the company.
However, the real-estate investment group has until Feb.5 to submit a new offer or to walk away.
Victoria Property, which is part of the real-estate investment group Martin Property, was offering 37.5 pence in cash for each Ground Rents Income Fund share. This represents an additional 3.5 pence a share, when compared the previous cash offer made on Jan. 8.
The company had previously submitted three non-binding offers to the Ground Rents Income Fund board, which had declined to engage with Victoria and rejected the proposals. The first once was at a price of 31 pence a share.
Martin Property didn't immediately reply to a request for comment.
Write to Najat Kantouar at najat.kantouar@wsj.com
(END) Dow Jones Newswires
January 31, 2025 03:23 ET (08:23 GMT)
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