You are here

Hong Kong's PAG sweetens takeover bid for Spring REIT

[HONG KONG]  Hong Kong-based private equity group PAG has sweetened its offer to buy Spring Real Estate Investment Trust (REIT), a unit of PAG said on Monday.

PAG Real Estate made a new offer of HK$5.30(S$0.94) for each unit of Spring REIT, up from an earlier HK$4.85.

The offer was final and would not be increased, PAG Real Estate said. All other terms of the offer were unchanged from the original, it added.

The offer represents a premium of 76.7 per cent to Spring REIT's Sept 24 closing price, PAG said.

PAG launched a HK$5.24 billion  unsolicited takeover bid for Spring REIT on Sept 26.

REUTERS

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes