Simon Thompson 

Local Shopping REIT beats bid

Simon Thompson

Simon Thompson

Thalassa (THAL:80p) has failed in its attempt to takeover Local Shopping REIT (LSR:29.8p), a small-cap property investment company that’s sold off almost all its properties, and the offer has now lapsed. At the final closing date shareholders holding 11.36m of the 82.5m shares in issue had accepted Thalassa’s cash and shares offer. That was 245,000 fewer acceptances that at the first closing date of 27 March 2019 and meant that after taking into account the 21m shares held by Thalassa the bidder controlled less than 40 per cent of the shares in issue.

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