Glenstone’s £148 million cash offer for Alternative Income REIT (AIRE) has secured acceptances for 1.78 million shares, equivalent to 2.25% of the company’s issued share capital, ahead of the scheduled close in two days.
The bidder disclosed that it may count 30.45 million AIRE shares—approximately 37.83% of the issued capital—toward meeting the acceptance threshold. As of June 11, Glenstone already held 19.33 million AIRE shares, representing 24% of the issued ordinary share capital. The company also acquired an additional 2.92 million shares, or 3.63% of the issued capital, through market purchases between June 12 and the reporting date.
Alternative Income REIT’s board has reiterated its unanimous rejection of the offer, stating that it "fundamentally undervalues AIRE and its prospects." Shareholders who have not yet accepted the bid were advised to refrain from submitting acceptances, while those who have already tendered shares were instructed to withdraw them if eligible. Glenstone confirmed that the financial terms of the offer are final and will not be increased, with the sole exception of a potential upward revision if a third party announces a firm intention to make a competing bid under Rule 2.7 of the City Code on Takeovers and Mergers.
Director Adam Smith, who holds 1.9 million AIRE shares (2.36%), has provided an irrevocable undertaking to accept the offer. Investment manager Hawksmoor Investment Management Limited has also committed to tendering 4.52 million shares, representing 5.62% of the issued capital.
