(Alliance News) - Property Franchise Group PLC said its scheme of arrangement for the acquisition of Hunters Property PLC became effective on Friday.
Property Franchise, which owns a portfolio of estate and letting agency brands, announced in January that it would buy Hunters for 43.2 pence in cash and 0.1655 of a Property Franchise share for each Hunters share.
Property Franchise shares closed down 0.5% at 208.00 pence each in London. On that basis, Hunters shareholders will receive 77.62 pence per share, making the deal worth approximately GBP26.1 million.
"I am pleased to be completing the acquisition of Hunters and to be formally welcoming all of its franchisees and staff into the group. We are the leading property franchise group in the UK, and one of the leaders in the wider estate agency sector, bringing a huge opportunity for further growth and development," Property Franchise Chief Executive Gareth Samples said.
Hunters shares will be cancelled from AIM on Monday.
By Ivan Edwards; ivanedwards@alliancenews.com
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Propty Franchis (TPFG)