Civitas Social Housing PLC - Exeter, England-based real estate investment trust - Takeover offer from real estate investor CK Asset Holdings Ltd receives acceptances representing just 0.25% of Civitas shares as of late Monday. Combined with CK's own holding in Civitas of 17.05%, the offer has support for 17.3% of Civitas shares.
CK unveiled its offer early in May. It is offering 80 pence per share, a 44% premium to Civitas's closing price of 55.4p per share prior to the offer, valuing the company around GBP485 million. However, the offer is below the net asset value reported by Civitas as of March 31 of 109.16p.
The offer closes for acceptances on Friday next week.
Current stock price: 79.70p
12-month change: down 1.6%
By Tom Waite, Alliance News editor
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