(Alliance News) - Telford Homes PLC said Monday its proposed takeover by US commercial real estate firm CBRE Group PLC has received merger control clearance from the European Commission.
In July, the housebuilder agreed to a 350 pence per share offer from CBRE Group, valuing the company at GBP267.4 million on a fully diluted basis.
The acquisition is now subject to being sanctioned by the court, for which the hearing will be held on Thursday. Should the scheme be sanctioned, shares in Telford Homes will be cancelled on Tuesday next week.
Shares in Telford Homes were down 0.1% at 349.50 pence on Monday.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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