Capital & Regional and Growthpoint secure deadline extension
Real estate investment trust Capital & Regional said on Wednesday that talks with South Africa’s Growthpoint Properties are now at an advanced staged and the deadline for Growthpoint to make an offer for a stake in the company has been extended.
Capital & Regional announced last month that the two were in talks about the acquisition of a majority stake in the UK company through a partial offer.
The offer from Growthpoint would be in the form of cash for Capital & Regional shares, and an injection of capital through a subscription for new shares. Growthpoint originally had until the end of play on Wednesday to either announce a firm intention to make an offer or walk away.
However, the companies have managed to get the deadline extended to 18 October to enable them to continue their discussions.
"There can be no certainty that a partial offer and subscription for new Capital & Regional shares will be made, nor as to the terms of any such transactions. A further announcement will be made as appropriate," it said.
At 0930 BST, the shares were down 0.1% at 18.68p.