NewRiver, Praxis get new date to make firm bids for Capital & Regional

(Alliance News) - Capital & Regional PLC said on Thursday its suitors, Praxis Group Ltd and NewRiver REIT PLC, will have more time to make formal takeover offers.

Praxis and NewRiver both have expressed interest in acquiring the London-based real estate investment trust that has a market capitalisation of around GBP154.7 million.

The two potential bidders have until September 12 to make their respective firm offers for Capital & Regional, following extensions of date from this week.

Capital & Regional said it had requested extensions to the put-up-or-shut-up date to allow the discussions with each of NewRiver and Praxis.

It said the UK Panel on Takeovers & Mergers has agreed to the extensions of the deadline.

Praxis, a privately owned property company that specialises in shopping centres in the UK, last month became the third bidder that has shown interest in Capital & Regional this year. Capital & Regional said Praxis made the move on July 5.

NewRiver, another declared suitor, said late in May it had made a proposal to Growthpoint Properties Ltd about a potential takeover of Capital & Regional. Growthpoint owns 68% of Capital & Regional.

Vukile Property Fund Ltd late in May withdrew its bid to acquire Capital & Regional, for a moment leaving NewRiver as the only declared suitor.

Shares in Capital & Regional fell 1.6% to 65.56 pence on Thursday afternoon in London, while they remained flat at ZAR15.20 in Johannesburg.

By Artwell Dlamini, Alliance News reporter

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