NewRiver gets two more weeks for possible Capital & Regional offer

Shopping centre owner Capital & Regional has extended the so-called 'put up or shut up' deadline for a takeover offer from NewRiver by two weeks.

The company has received expressions of interest from a number of parties over recent months, but saw shares tank earlier this week after confirming that UK property investor Praxis had walked away from a potential buyout.

NewRiver, which had approached Capital & Regional's majority shareholder Growthpoint Properties back in May regarding a possible cash-and-shares offer, originally had until the end of play on 12 September to either announce a firm intention to make an offer or call off talks.

"To allow the discussions with NewRiver to continue, the board of Capital & Regional has requested, and the Panel on Takeovers and Mergers has consented to, an extension to the date," Capital & Regional said in a statement on Thursday.

"There can be no certainty that any firm offer will be made for the company, nor as to the terms on which any offer will be made."

NewRiver now has until 26 September to put up or shut up.

Capital & Regional's share price, which had dropped by 9% over the past two days, was up 1.1% at 63.27p, giving the company a market cap of £147m.