Thalassa (di) Share News (THAL)

(Sharecast News) - The Local Shopping REIT responded to an offer for the company's shares from Thalassa on Thursday, recommending its shareholders took no action on the offer.The London-listed firm has been the subject of a takeover offer from Thalassa, which issued its offer document on Wednesday, for its entire issued share capital.Thalassa had started flagging its desire to take over The Local Shopping REIT in January, and confirmed in early February that it would offer 14.64p in cash and 0.26 Thalassa consideration shares for each share acquired in The Local Shopping REIT."The board of Thalassa believes that its offer provides a compelling opportunity for an LSR shareholder to realise an exit from their shareholding in LSR," the Thalassa board said in its offer document on Wednesday."Thalassa has clearly stated that it does not agree with the LSR board's strategy of pursuing a liquidation or winding-up of LSR."Thalassa has both publicly and privately raised its concerns about the execution and open-ended cost of the proposed liquidation of LSR's assets."The Local Shopping REIT board said on Thursday that it believed that the offer represented an "opportunistic attempt" to take control of shareholders' money.It reiterated its commitment to returning cash to shareholders in accordance with its stated investment strategy, approved by shareholders in 2013, and noted that the cash element of the consideration to be provided by Thalassa under the offer was "significantly less" than the amount that the company would have sought to return to shareholders through the members' voluntary liquidation at the end of 2018, which was opposed by Thalassa.The balance of the offer - the new ordinary shares in the capital of Thalassa - were subject to "a number of risks and uncertainties", according to The Local Shopping REIT board."The board will write to shareholders shortly with its more detailed views on the offer, including further proposals for seeking to return cash to shareholders."Until then, the board strongly recommends shareholders take no action regarding the offer."