Hansteen Gets Approval For Takeover At General And Court Meeting

(Alliance News) - Hansteen Holdings PLC on Friday said its acquisition by Potter UK Bidco Ltd was approved near-unanimously at a court meeting and general meeting.

Potter UK Bidco is indirectly owned by investment funds advised by Blackstone Group Inc affiliates. Blackstone is a US-based private equity firm and will pay 116.5 pence per share for industrial property portfolio manager Hansteen in a GBP500 million takeover.

Overall, 99% of votes at the court meeting were in favour, as were 99% of general meeting votes. The acquisition still requires sanction by the court at a court hearing on Tuesday next week, the acquisition scheme is set to become effective two days later.

Shares in Hansteen were flat at 116.40 pence in London on Friday shortly before close.

By Anna Farley; annafarley@alliancenews.com

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