Share Search
Visit the Share Search
You are here:
Hansteen surges as it agrees ?500m takeover
18th Dec 2019 10:11
(Sharecast News) - Hansteen shares surged on Wednesday after the real estate investment trust agreed to be taken over by Potter UK, an affiliate of private equity firm Blackstone Group, in a £500m deal.
Under the terms of the acquisition, Potter will pay 116.5p per share in cash, which represents a 10.3% premium to Hansteen's closing share price on Tuesday.
Hansteen said its directors plan to unanimously recommend that shareholders vote in favour of the deal, the terms of which they deem "fair and reasonable".
The company's joint chief executives, Ian Watson and Morgan Jones, said: "Over the last few years we have been crystallising much of the value created, returning substantial capital and making high returns for shareholders.
"The offer from Blackstone is a continuation and conclusion of that strategy and we believe provides a highly satisfactory outcome for our shareholders and employees. We have given irrevocable undertakings to vote in favour of Blackstone's offer in relation to our own shareholdings."
Lames Seppala, head of Blackstone Real Estate Europe, said: "This transaction is a compelling opportunity to expand our pan-European last-mile logistics real estate company, Mileway, in the UK. and it is testament to our long-term belief in investing in the country."
At 1010 GMT, the shares were up 11% at 117p.
Under the terms of the acquisition, Potter will pay 116.5p per share in cash, which represents a 10.3% premium to Hansteen's closing share price on Tuesday.
Hansteen said its directors plan to unanimously recommend that shareholders vote in favour of the deal, the terms of which they deem "fair and reasonable".
The company's joint chief executives, Ian Watson and Morgan Jones, said: "Over the last few years we have been crystallising much of the value created, returning substantial capital and making high returns for shareholders.
"The offer from Blackstone is a continuation and conclusion of that strategy and we believe provides a highly satisfactory outcome for our shareholders and employees. We have given irrevocable undertakings to vote in favour of Blackstone's offer in relation to our own shareholdings."
Lames Seppala, head of Blackstone Real Estate Europe, said: "This transaction is a compelling opportunity to expand our pan-European last-mile logistics real estate company, Mileway, in the UK. and it is testament to our long-term belief in investing in the country."
At 1010 GMT, the shares were up 11% at 117p.