Capital & Regional plc has announced the extension of the PUSU (Put Up or Shut Up) deadlines for potential bidders, NewRiver REIT plc and Praxis Group Limited. The company's majority shareholder, Growthpoint Properties Limited, had previously received a preliminary expression of interest from NewRiver regarding a possible offer in cash and shares for the entire issued share capital of Capital & Regional. Similarly, Praxis Group Limited had announced that it was considering whether to make a cash offer for the company.
The Takeover Panel has consented to the extensions, allowing discussions with each potential bidder to continue. As a result, both NewRiver and Praxis are now required to announce a firm intention to make an offer for Capital & Regional by 12 September 2024. These deadlines may be further extended at the request of the company's board and with the consent of the Takeover Panel.
The company emphasized that there is no certainty that any firm offer will be made, nor are there any guarantees regarding the terms of any potential offer. Capital & Regional remains in an 'offer period' in accordance with the rules of the Code, and shareholders are advised to adhere to the continuing disclosure requirements.
For further information, the company provided contact details for its financial advisers and brokers, as well as its PR adviser. It also clarified that Numis Securities Limited and Stifel Nicolaus Europe Limited are acting exclusively for Capital & Regional plc in connection with the matters outlined in the announcement.
The announcement concluded with a disclaimer from the financial advisers, stating that they are exclusively acting for Capital & Regional plc and will not regard any other person as their client in relation to the matters in the announcement.
This announcement does not constitute a firm intention to make an offer under Rule 2.7 of the City Code on Takeovers and Mergers, and there is no certainty that any firm offer will be made for the company.