Japan Residential agrees GBP152.6m takeover deal with Blackstone unit
Japan Residential Investment Company (JRIC) has reached an agreement on the terms of a recommended £152.6m cash offer by Bidco, a bidding vehicle wholly-owned and controlled by private equity firm Blackstone Group.
Equity Investment Instruments
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15:45 15/11/24
FTSE AIM All-Share
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Japan Residential Investment Co Ltd.
71.75p
16:35 29/12/15
Bidco will pay 72p per share for the company, which is a 31.8% premium to JRIC’s closing price of 54.6p on Thursday.
JRIC’s non-executive chairman Raymond Apsey said: “We are pleased to recommend the offer - it represents an attractive price and is at a level that we believe should be put to our shareholders. It provides a healthy premium over the recent share price and provides certainty, in cash, for shareholders."
The Japan-focused residential property investor also said on Friday that it has received a separate approach from another party, also at 72p per share, which may or may not lead to an offer. It said discussions were at an early stage and it is carrying out due diligence.
At 1234 GMT, JRIC shares were up 32.3% at 72.25p.