(Alliance News) - Freshwater Group Ltd will buy remaining stake in Daejan Holdings PLC for GBP80.50 in cash per share, the British property company said Friday.
Daejan shares were trading 55% higher in London at 8,010.00 pence each.
Freshwater Group currently owns 79.5% of entire issued share capital of Daejan.
Daejan said Freshwater's subsidiary Dock Newco is offering GBP80.50 in cash for each Daejan share. The offer price values the entire issued shares capital of Daejan at GBP1.31 billion and 20.5% of free float shares at GBP269.5 million.
The financial terms of the offer are final and will not be increased, the company noted.
Solly Benaim, independent director of Daejan, said: "The offer represents an opportunity for shareholders to realise in cash their investment in Daejan at a premium of approximately 56% to the prevailing share price and I intend to recommend shareholders to vote in favour of the offer."
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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