- Acceptances amounting to 35 per cent
- Hefty premium to last trading day
Land Securities (LAND) confirmed that it has agreed to buy U+I Group (UAI) for £190m in cash. The commercial-property developer said it is paying 149p for each U&I share, a 73 per cent premium to its closing price on the last working day prior to the offer.
The U+I Directors intend to recommend unanimously that shareholders vote in favour of a court-sanctioned scheme of arrangement and a related resolution to be proposed at an upcoming general meeting.
Thus far, Land Securities has received irrevocable undertakings or letters of intent for around 44.3m U+I shares, representing approximately 35 per cent. of the issued ordinary share capital.
U+I was one of Simon Thompson’s Bargain Shares in 2018, and he also updated on the property regeneration company in the second quarter.
Simon will provide further commentary and advice to shareholders subsequent to this announcement.
