Flotonic Raises Takeover Offer For AFI Development To USD413 Million

(Alliance News) - Flotonic Ltd said Thursday it has increased its takeover offer for AFI Development PLC to USD413 million in cash.

The Russia-focused property development firm said the private investment firm Flotonic has offered to buy each share in AFI for 39.4 US cents each, up from the initial offer in October of 30 US cents, which valued the company at USD314 million.

Flotonic had received valid acceptances and irrevocable undertakings for 877.0 million shares in AFI Development, representing 83% of the company issued share capital.

The increased offers have been given an extended deadline, and remains open for acceptances until January 13, 2020.

Shares in AFI Development - which is headquartered in Limassol, Cyprus - were up 8.8% at USD0.37 on Friday in London.

By Dayo Laniyan; dayolaniyan@alliancenews.com

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