Capital & Regional extends takeover deadline
Capital & Regional has again given its potential bidders an extension to the deadline to submit takeover offers for the real estate investment trust.
NewRiver and Praxis now have until 12 September to announce whether or not they intend to make an offer for Capital & Regional.
In May, Capital & Regional’s majority shareholder, Growthpoint, had received a preliminary expression of interest from NewRiver regarding a full takeover. The latest extension is the third time NewRiver has been given more time to make an offer.
Praxis then joined the bidding war in July, and was given an initial deadline of 16 August.
Capital & Regional had also received an offer from the Johannesburg-based Vukile Property Fund regarding a possible cash and share offer for its entire issued share capital. However, Vukile pulled out after being unable to reach an agreement with Growthpoint – which controls around 68.1% of Capital & Regional’s share capital – as to the terms and structure of any possible offer.
Earlier this month, the chief executive of Capital & Regional said the REIT has been able to capitalise on the continued strong levels of demand from retailers during the first half of 2024. During the six-month period ending 30 June, the REIT completed 48 new lettings and renewals, up from 42 in the first half of 2023.