UK property moguls Richard and Ian Livingstone have launched a 114.2 million euro (S$226.7 million) takeover bid for NR Nordic & Russia Properties as interest in emerging European property rebounds.
The Livingstone brothers, whose global property portfolio exceeds more than nine billion euros, have offered 0.24 euros in cash for each NR Nordic & Russia Properties share via its Holowent Limited investment vehicle.
The offer represents a premium of 26.3 per cent over the average closing price of 0.19 euros per NR Nordic share on Sept 28, the day before the Livingstones first flagged their interest in taking over the company.
‘We believe that the NR Nordic share price has been inflated by speculation as to the level of our offer – which today’s announcement has put to rest,’ the brothers said in a statement.
‘NR Nordic shares are extremely illiquid and we believe that our offer represents the only sure route to liquidity for NR Nordic shareholders who wish to sell their shares at a fair price,’ the statement said.
Last month, the UK Takeover Panel gave the brothers a deadline of 1700 GMT yesterday to make an offer for NR Nordic, which also specialises in real estate investment in the Baltic region as well as the Nordics and Russia.
Lazard is advising Holowent.
Source : Business Times – 26 Jan 2010
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