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LONDON - The PRS REIT plc confirmed Wednesday it has received a non-binding proposal from Long Harbour Ltd regarding a possible acquisition of the entire company at 115 pence per share in cash.
The proposal comes as part of PRS REIT’s ongoing Strategic Review and Formal Sale Process, according to a statement based on a company press release. Discussions between the parties are continuing, with PRS REIT’s board expecting to provide further updates on the formal sale process by the end of June 2025.
The company issued the statement following recent press speculation about a potential transaction. PRS REIT emphasized that there is no certainty an offer will be made or regarding the terms of any potential offer.
The Takeover Panel previously granted a dispensation from the standard 28-day deadline requirement under Rule 2.6(a) of the Takeover Code, as announced on October 23, 2024. This exemption applies to Long Harbour while it participates in the formal sale process.
PRS REIT noted that its statement was made without Long Harbour’s consent.
The announcement comes amid increased consolidation activity in the UK real estate investment trust sector, as companies seek to navigate challenging market conditions.
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