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LONDON - Victoria Property Holdings Limited has announced today that it will not be proceeding with its previously considered acquisition of Ground Rents Income Fund plc (GRIO). On January 8, 2025, Victoria Property expressed a possible interest in making an offer for GRIO, leading to a revised deadline of February 25, 2025, set by GRIO’s Board for Victoria Property to submit an improved proposal.
However, in adherence to its disciplined acquisition strategy, Victoria Property has decided against advancing any proposal. The company has confirmed that it does not intend to make an offer for GRIO, as per Rule 2.7 of the UK City Code on Takeovers and Mergers (the "Code"). This decision is in line with Rule 2.8 of the Code.
Victoria Property and any affiliated parties retain the right to propose an offer or engage in actions otherwise limited under Rule 2.8 of the Code within the next six months under specific conditions. These include an agreement with GRIO’s Board of Directors, the emergence of a third-party offer for GRIO, an announcement by GRIO of a Rule 9 waiver proposal or a reverse takeover, or if the Panel on Takeovers and Mergers identifies a significant change in circumstances.
This latest development in the potential acquisition saga comes without the approval of GRIO. The information shared in this article is based on a press release statement from Victoria Property Holdings Limited.
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