Hansteen cash offer for IMPT declared unconditional

Hansteen’s cash offer for Industrial Multi Property Trust was declared unconditional in all respects on Thursday morning, as the company confirmed it had received valid acceptances for 29.73% of IMPT’s issued share capital, and acquired and settled 21.83% of the trust’s issued shares.

The FTSE 250 firm had announced that it reached agreement on the terms of a recommended all-cash offer on 17 February, before publishing its offer document on 22 February and extending the offer period to 22 March on 15 March.

“Hansteen either holds or has received valid acceptances of its offer in respect of a total of 4,336,732 IMPT Shares, representing approximately 51.56% of the current issued share capital of IMPT which it may count towards satisfaction of the acceptance condition,” Hansteen’s board said in a statement on Thursday.

“Hansteen has decided to reduce the acceptance condition to 51%,” it added.

“In accordance with the level of acceptances set out above, Hansteen is pleased to announce that the acceptance condition has been satisfied and, accordingly, that the offer has become unconditional as to acceptances.”

The board confirmed the offer would remain open for acceptances until further notices, and at least 14 days notice would be given to remaining IMPT shareholders before the closing of the offer.