(Reuters) – Britain-based property investment company Urban Logistics REIT said on Monday it had received a higher proposal from British landlord LondonMetric, valuing the company at 674 million pounds ($887.73 million).
Under the revised offer, LondonMetric is offering 0.5612 new shares and 42.8 pence in cash for each Urban Logistics’ share, valuing the target’s stock at 145 pence.
Last week, LondonMetric said it had acquired 5.6 million Urban Logistics shares at 132.5 pence apiece.
The latest offer represents a premium of 13.3%, based on Urban Logistics’ closing share price on Friday.
Upon completion of the potential offer, Urban Logistics shareholders will collectively hold about 11% of the combined group.
The REIT’s board said it has indicated to LondonMetric that it would recommend the offer to its shareholders if a firm offer is made.
($1 = 0.7592 pounds)
(Reporting by DhanushVignesh Babu in Bengaluru; Editing by Tasim Zahid)
