By Anthony O. Goriainoff
Victoria Property said it was offering to buy Ground Rents Income Fund for 32.5 million pounds ($40.6 million) after three previous approaches to the board were rejected.
The company, part of the real-estate investment group Martin Property, said Wednesday that it was offering 34 pence in cash for each Ground Rents Income Fund share, representing a 48% premium to Tuesday's closing price of 22.90 pence.
Victoria said the proposed transaction would be funded from its available cash resources and encouraged Ground Rents Income Fund shareholders to engage with it to deliver what it described as an attractive outcome for them.
The company said it had previously submitted three non-binding offers to the Ground Rents Income Fund board, which had declined to engage with Victoria and rejected the offers.
Ground Rents Income Fund didn't immediately respond to a request for comment.
Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
January 08, 2025 02:42 ET (07:42 GMT)
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