November 28, 2018 / 4:21 PM / 6 months ago

CORRECTED-PAG's bid for Spring REIT fails to get enough support

(Corrects percentage of acceptances in third paragraph to 41.5 (not 48.59))

Nov 28 (Reuters) - Hong Kong-based PAG’s bid to buy Spring Real Estate Investment Trust fell through on Wednesday as it failed to secure the required acceptances from the realty firm’s unitholders.

Private equity firm PAG’s unit, RE Strategic Investments, raised its bid for Spring REIT in late October to HK$5.30 per unit, or HK$6.73 billion ($859.93 million), according to Refinitiv data.

RE Strategic said it received 41.5 percent acceptances from unitholders, below the 50 percent level it needed for the offer to become unconditional.

PAG currently has a 13.88 percent stake in Spring REIT, according to Refinitiv data.

Shares of Spring REIT have risen 28 percent to HK$3.84 since PAG’s original bid in September. ($1 = 7.8262 Hong Kong dollars) (Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Anil D’Silva)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below