October 29, 2018 / 3:15 PM / in 21 days

Hong Kong's PAG sweetens takeover bid for Spring REIT

Oct 29 (Reuters) - 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 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 percent to Spring REIT’s Sept. 24 closing price, PAG said.

PAG launched a HK$5.24 billion ($671 million) unsolicited takeover bid for Spring REIT on Sept. 26. (Reporting by Rishika Chatterjee in Bengaluru Editing by Sai Sachin Ravikumar)

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