Glenstone REIT PLC has urged Alternative Income REIT PLC (AIRE) shareholders to accept its revised cash offer of 70 pence per share, following AEW UK REIT plc’s decision not to submit a competing bid.
The offer, initially set at 71.4 pence, was adjusted after AIRE paid a 1.4 pence dividend on August 15 to shareholders recorded on July 31. Under the terms, those who held AIRE shares on the July 31 record date retain the full dividend even if they accept the offer.
Glenstone’s bid remains subject to a 50% acceptance threshold by September 4 to become unconditional. The company published the offer document on July 6 and has set a general acceptance deadline of 1:00 p.m. on Friday, September 4. Share dealing platforms require instructions by midday on Tuesday, September 1, three days prior to the general deadline.
If the offer becomes unconditional by September 4, it will remain open for at least 14 days. Glenstone has stated it does not share AIRE’s board view of the company’s standalone prospects, describing AIRE as a "sub-scale REIT."
