Glenstone FII PLC has increased its cash offer for Alternative Income REIT PLC (AIRE) to 70 pence per share, following a 1.4 pence dividend paid by AIRE on August 15. The revised bid, which replaces the original 71.4 pence offer, remains subject to shareholder approval, with a minimum 50% acceptance threshold required by September 4 at 14:00 to declare the offer unconditional.
The dividend adjustment reflects AIRE’s record date of July 31, which entitled shareholders to the payout. Glenstone’s offer document was published on July 6, and the final deadline for acceptance coincides with the close of trading on September 4. Shareholders on some platforms must submit instructions by midday on September 1 to ensure timely processing.
AEW UK REIT plc has confirmed it will not submit a competing bid, leaving Glenstone’s proposal as the sole option for AIRE shareholders. If the offer meets the acceptance condition, it will remain open for at least 14 additional days. Glenstone has reiterated its view that AIRE is a reduced-scale REIT, diverging from the target’s board assessment of its prospects as an independent entity. The financial terms are final and will not be increased unless a third party formally declares a firm intention to make an offer under the Takeover Code’s Rule 2.7.
