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Investing.com -- Shares of real estate company Urban Logistics Reit PLC (LON:SHED) rose by 3.6% on Friday as commercial property firm Londonmetric Property Plc (LON:LMPL) announced plans to acquire the company.
Meanwhile, shares of LondonMetric dipped slightly by 0.2%.
LondonMetric Property plans to acquire the entire issued and future ordinary share capital of Urban Logistics for a total of 698.9 million pounds.
As part of the agreement, shareholders of Urban Logistics will receive 0.5612 LondonMetric shares and 42.8p in cash per share.
The deal represents a 3% premium to the closing price of Urban Logistics’ stock on Thursday.
Following the completion of the deal, LondonMetric shareholders are expected to hold around 89% of LondonMetric’s share capital, with Urban Logistics shareholders holding approximately 11%.