Glenstone REIT PLC has reiterated its 70 pence-per-share cash offer for Alternative Income REIT PLC, urging shareholders to accept before the Sept. 4 deadline. The offer, which was reduced from 71.4p following AIRE’s August dividend payment, remains the only proposal on the table unless a competing bid emerges under Takeover Code rules.
The offer document was published on July 6, with Glenstone stating it does not share AIRE’s board view of the company’s standalone prospects, describing AIRE as a "sub-scale REIT." AEW UK REIT plc, previously considered a potential rival bidder, confirmed it would not make a competing offer.
AIRE paid a 1.4p dividend on Aug. 15 to shareholders recorded as of July 31. Under the offer terms, those shareholders retain the dividend in full, while the 70p offer price reflects the adjusted consideration post-dividend. Glenstone has committed to maintaining the 70p offer unless a third party announces a firm intention to bid under Rule 2.7 of the Takeover Code.
The 50% acceptance threshold must be met by Sept. 4 for the bid to become unconditional. If declared unconditional on or before that date, the offer will remain open for at least 14 additional days. Share dealing platforms may require client instructions by midday on Sept. 1, three days prior to the deadline.
