LONDON - Ground Rents Income Fund plc (GRIO), a real estate investment trust, has rebuffed three unsolicited, non-binding takeover approaches from Victoria Property Holdings Limited, part of Martin Property Group, according to a statement released today. The most recent indicative offer, matching the price of the possible offer announced on the same day, was for 34 pence per share, which the GRIO Board unanimously deemed to undervalue the company significantly.
The possible offer price represents a substantial 50.9% discount to the net asset value (NAV) per share of 69.2 pence reported as of 31 March 2024. GRIO's Board is currently advising shareholders to take no action, pending further announcements.
GRIO's Board expects to release the NAV as of 30 September 2024 along with the audited year-end results soon. Meanwhile, the company continues to implement its strategy of controlled and timely asset realization, while maintaining a commitment to transparency and affordability for leaseholders. This approach has received overwhelming shareholder support, with approximately 92% of voting rights at the General Meeting held on 18 November 2024.
Victoria Property must, by 5:00 p.m. UK time on 5 February 2025, either formally declare an intention to make an offer in compliance with the City Code on Takeovers and Mergers or announce that it will not make an offer, at which point the statement will fall under Rule 2.8 of the Code. The deadline may be extended with the consent of the Takeovers and Mergers Panel, upon request by the GRIO Board.
The commencement of an "Offer Period" for GRIO has been triggered by Victoria Property's announcement, and shareholders are reminded of the disclosure requirements stipulated by Rule 8 of the Code.
This news is based on a press release statement and does not constitute any endorsement of the claims made therein.
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