(Alliance News) - Capital & Regional PLC said Wednesday that discussions between it and real estate investment trust Growthpoint Properties Ltd for the sale of a majority stake In Capital & Regional to Growthpoint have reached an advanced stage.
As a result, both property companies have secured an extended deadline from the Panel on Takeovers & Mergers for Growthpoint to make a firm decision on an offer to Friday next week.
The original deadline was for Wednesday.
In September, Growthpoint and Capital & Regional both confirmed talks about Growthpoint acquiring a majority stake, through a combination of buying existing Capital & Regional shares and injecting capital through a subscription for new shares.
Capital & Regional once again stressed that there was no certainty that the offer would be made.
Capital & Regional is dual listed in Johannesburg and London, while Growthpoint is listed only in Johannesburg.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Capital & Regional (CAL)