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Investing.com -- Ground Rents Income Fund, a real estate investment trust, has turned down the latest takeover proposal from Victoria Property.
The proposal valued the company at £35.9 million ($44.6 million). Despite rejecting the current offer, the company has expressed its openness to potential future bids.
The board of Ground Rents Income Fund unanimously dismissed the recent proposal from Victoria Property on Friday, citing that it significantly undervalues the company.
The recent offer from Victoria Property was set at 37.5 pence per share of Ground Rents Income Fund. This figure is 3.5 pence higher per share compared to the previous cash offer made on January 8.
Following the announcement of the rejected proposal, shares of Ground Rents Income Fund rose by 3.71% on Friday.
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