(Sharecast News) - Property investment and development company Centremanor revealed on Friday that it will take loss-making FTSE 250 property firm Daejan private following an offer that valued the group at around ?1.31bn.
Centremanor will buy the 20.5% of Daejan it did not already control for ?269.5m in a takeover deal worth 8,050p a share - a 56% premium to the group's closing price on Thursday.
The offer led to a 2,830p surge in Daejan's shares to around 8,000p after the firm's board agreed to the offer.
Centremanor, part of the Freshwater Group, will make the purchase via Dock Newco, a newly incorporated company.
Daejan director Solly Benaim 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."
As of 1115 GMT, Daejan shares had surged 54.75% to 8,000.50p.
14 Nov 2014 06:16