The board of Urban Logistics REIT is preparing to recommend a £674m takeover by listed peer LondonMetric Property.
LondonMetric’s revised proposal, made to the target earlier this week, would see shareholders receive 0.5612 new LondonMetric shares and 42.8 pence in cash for each Urban Logistics share, as well as retaining the second-half dividend, expected to be 4.35p per share.
That offer would value each Urban Logistics share at 145p and the company itself at £674m, a premium of 17% to the closing price on 10 April, before the offer period, and an EPRA NTA discount of 3%.
