Announced
Financials
Tags
Hostile
Acquisition
Retail REITs
Majority
United Kingdom
Public
shopping centers
Failed
Single Bidder
Synopsis
Thalassa Holdings agreed to acquire the whole of the issued and to issued share capital of The Local Shopping REIT (other than 25.5% stake already held by Thalassa). Thalassa is offering for each offer share: 14.64p in cash and 0.26 Thalassa Consideration Shares. Accordingly, Thalassa will be offering a total of £9.0 million in cash and approximately 16,000,000 Thalassa Consideration Shares in consideration for the Offer Shares Commenting on the Offer, Duncan Soukup, Executive Chairman of Thalassa said: "With regards to the future, Thalassa is a holding company and seeks to buy participation or control of undervalued businesses and then work with management to enhance that value. Thalassa has a clear strategy for the future and a successful management team with a track record of delivering shareholder value even in the more challenging economic conditions. We believe this Offer affords all LSR Shareholders the opportunity of a certain exit for their investment in LSR at a compelling valuation and to either receive in return the potential mixture of cash and Thalassa Consideration Shares, and, depending on the level of valid acceptances received, a full cash exit."
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