Real Estate
Home›Real Estate›REITs›IRES weighs €727M takeover proposal from Barings
IRES weighs €727M takeover proposal from Barings
The Dublin-listed company said its shares rose about a fifth after disclosing the latest Barings valuation of €1.39 each.
Irish Residential Properties REIT, known as IRES, said it would recommend a €727M cash takeover proposal from investment manager Barings, a move that could potentially take Ireland’s largest private residential landlord off the stock market, according to Bisnow.
IRES said it received five proposals from Barings after an initial approach on 5 August, and the latest proposal values its shares at €1.39 each. It added that its board had unanimously concluded it would be minded to recommend a formal offer on those terms, subject to satisfactory due diligence and agreement on remaining terms and documentation.
Following the announcement, IRES’ share price rose by around a fifth and peaked at about €1.30, which the company described as a 52-week high. Under Irish takeover rules, Barings must announce an intention to make an offer or walk away by 5pm on 9 November unless the deadline is extended with the consent of the Irish Takeover Panel.