LONDON (Alliance News) - The Lee family's tender offer to buy up to 25.9 million shares in Shaftesbury PLC was on Monday declared void, after the minimum threshold was not met.
Orosi (UK) Ltd and PEL (UK) Ltd, which are both beneficially owned by Samuel Tak Lee, it July said they wanted to buy up to 25.9 million shares in Shaftesbury, equivalent to about 9.3% of the company. Had the tender offer been accepted in full, Lee would have had a 13.2% stake in the real estate investment trust, meaning Lee's holding now will remain at 3.9%.
Lee had sought to buy the shares for 888 pence each. Shaftesbury did not recommend the tender offer.
The tender offer fell through because it had been conditional on no fewer than 2.8 million shares being accepted for tender.
The offer closed at 1300 BST Monday.
Shaftesbury shares were up 1.3% at 972.00 pence on Monday afternoon.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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