Hansteen makes all cash offer for IMPT

17th Feb 2017 07:27

(ShareCast News) - Hansteen said on Friday it had agreed a recommended all cash offer to buy Industrial Multi Property Trust (IMPT) for £25.2m.IMPT Shareholders will receive 300p in cash per share a 22.4% premium over Thursday's closing price of 245p. The company's independent directors have recommended the offer.IMPT Chairman Jonathan Clague said the offer "represents considerable progress from IMPT's refinancing in 2013 and over five times the share price of 54p in August 2015 just before IMPT announced initiatives aimed at improving shareholder value".Hansteen joint chief executives Ian Watson and Morgan Jones said: "The IMPT portfolio, being very similar in nature to Hansteen's own UK portfolio, can be easily absorbed on to our asset management platform with limited additional cost."