(Alliance News) - The Wellcome Trust said Friday afternoon it has received further support for its GBP506.0 million takeover of property and land developer Urban&Civic PLC.
The research charity has gained support from Investec Wealth & Investment, which holds 14.1 million shares, reflecting a 9.7% interest in the company.
As a result, Wellcome has gained support for the acquisition from holders of 27.0 million shares in Urban&Civic, representing 19% of the company entire issued share capital.
Under the acquisition's terms, Wellcome will acquire Urban&Civic for 345 pence per share, reflecting a 64% premium to the company's closing price of 211.0 pence on Thursday and above Urban&Civic's EPRA net asset value on September 30 of 343.2p.
Shares in Urban&Civic were 64% higher at 345.50 pence on Friday just before the London close, giving a market capitalisation of GBP501.6 million. As of Thursday's close, the group's shares had been down 38% so far in 2020.
The acquisition is conditional on gaining at least 75% in shares at the upcoming court meeting, as well as the scheme being sanctioned by the Court of Session at Edinburgh.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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