Praxis in early stages of considering offer for Capital & Regional

(Alliance News) - Praxis Group Ltd on Friday announced it is in the early stages of considering whether to make an offer for Capital & Regional PLC, potentially becoming the latest bidder eyeing the London-based real estate investment trust.

NewRiver REIT PLC, the current declared suitor, has asked for more time to make a formal offer for Capital & Regional.

Late in May, NewRiver said 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.

In a short statement on Friday, Praxis said it is in the early stages of considering whether or not to make a cash offer for Capital & Regional.

Praxis, a privately owned property company, specialises in shopping centres in the UK.

Capital & Regional said on Thursday this week the UK Panel on Takeovers & Mergers had given NewRiver until August 15 to make a formal offer for Capital & Regional.

The deadline for NewRiver to announce a firm intention to make an offer for Capital & Regional was originally June 20.

Shares in Capital & Regional rose 6.7% to 68.38 pence on Friday in London, while they remained flat at ZAR15.00 in Johannesburg.

By Artwell Dlamini, Alliance News reporter

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