(Sharecast News) - Empiric Student Property said on Thursday that it is considering a takeover proposal from student accommodation provider Unite which values each of its shares at 107p.
Responding to recent press speculation, Empiric said it received a non-binding proposal on 7 May and that following a period of engagement, it received a revised proposal on 29 May comprising 30p in cash and 0.09 new Unite shares per Empiric share.
"On the basis of the proposal, the board has agreed with Unite to enter an initial period of due diligence," it said, adding that a further announcement will be made as appropriate.
Empiric also said there can be no certainty that an offer will be made, nor as to the terms of any offer.
Under UK takeover rules, Unite has until 1700 BST on 3 July to announce a firm offer or walk away.
At 1203 BST, Empiric shares were up 6.5% at 103.60p.
Empiric (ESP)
Unite (UTG)
