Real estate company Public Property Invest, PPI, earlier today made a takeover bid for all shares in industry peer Preservium Property.
The board of Preservium Property will evaluate the offer and obtain a valuation opinion, a so-called “fairness opinion”. Preservium shareholders are advised to await the board’s statement before making a decision on the offer, the company writes in a press release.
The consideration in the offer consists of a combination of shares in PPI and cash. For 70 percent of the shares in Preservium that a shareholder transfers, 2.7 shares in PPI are offered per share in Preservium, and for the remaining 30 percent, SEK 69 in cash is offered per share in Preservium. The offer values all of Preservium at SEK 320 million at current prices.
PPI already owns 227,913 shares in Preservium, corresponding to 4.92 percent of the capital and votes.
Furthermore, real estate company SBB owns just under 35 percent of the capital and votes in Preservium. SBB has expressed a positive view of the offer but has not undertaken to accept it. SBB is in turn a major shareholder in PPI.
The acceptance period for the offer is expected to run from 6 November to 7 December. Payment of the consideration is expected to take place around 9 December.
