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Investing.com -- Empiric Student Property (LON:ESP) board is reviewing a non-binding acquisition proposal from The Unite Group (LON:UTG), the company said in a stock exchange filing on Thursday, the proposal seeks to acquire the entire share capital of Empiric, sending shares up by over 6%.
Following a period of engagement, Empiric’s board received a revised proposal from Unite. This proposal offers 30 pence in cash and 0.09 new Unite shares for each Empiric share.
Based on Unite’s share price of 855.5 pence on June 4, the last business day before the announcement, the proposal values each Empiric share at 107 pence.
The board of Empiric has agreed with Unite to enter an initial engagement phase based on this proposal. Further announcements will be made as appropriate.
However, the statement emphasized there is no certainty that a firm offer will be made, nor are the final terms guaranteed. By July 3, Unite must either confirm that it plans to buy Empiric or say it won’t. This deadline can only be pushed back if the Takeover Panel agrees.