(Alliance News) - RDI REIT PLC on Wednesday said it got the nod from the High Court of Justice in the Isle of Man for RDI's acquisition by private-equity investor Starwood Capital Group.
The London and Johannesburg-listed real estate investment trust said its shares will be suspended on the London Stock Exchange's main market on May 4, with April 30 being the last day of dealings.
RDI's shares will then be delisted from the LSE on May 6.
On the Johannesburg Stock Exchange, RDI's shares will be suspended on May 3, with its delisting expected to take effect on May 7.
Starwood is acquiring RDI for GBP467.9 million, or ZAR9.76 billion.
At the end of February, RDI REIT, a London and Johannesburg-listed real estate investment trust, said it had reached an agreement with SOF-12 Cambridge BidCo Ltd, a newly formed company owned by Starwood Capital Europe Advisers LLP, regarding the cash offer.
Starwood bought a 30% stake in RDI REIT in July last year. The shares already owned by Starwood will not be bought by its acquisition vehicle.
RDI shares were up 1.6% at ZAR24.18 each in Johannesburg on Wednesday afternoon, and were up 0.3% at 121.40 pence each in London.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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