NewRiver REIT agrees terms for possible purchase of Capital & Regional

NewRiver REIT reached a potential agreement to acquire Capital & Regional in a cash and share transaction.

Under the terms of the proposed purchase, NewRiver would pay a 21% premium versus its target's undisturbed price prior to the announcement of its intentions in May.

The implied value of the offer terms was 62.5p per share or £147m, comprising 31.25p in cash and 0.41946 shares of NewRiver for each of Capital & Regional's.

The latter's shareholders would continue to be entitled to the interim dividend for the six months to 30 June.

They would also be entitled to NewRiver's payout for the six months to 30 September, which would be of not less than 3.0p per share.