RDI share price rises sharply after Starwood acquisition plans
By Edward West
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The share price of the UK-based RDI real estate investment trust (Reit) shot up 34.57 percent to close at R25.34 on the JSE on Friday after its board agreed to a cash offer from Starwood Fund, the 29.59 percent owner of RDI s shares, to buy the rest of the shares.
SOF-12 Cambridge Bidco, a new company owned by Starwood Funds, and RDI s directors said in a statement on Friday morning that they had reached agreement on the cash offer for the entire issued share capital of RDI.
Starwood managing director and head of Real Estate Europe Krysto Nikolic said they believed the acquisition was an attractive opportunity for investors to realise liquidity, and at a significant premium to the threemonth average price per RDI share.
SMALL-CAP WINNERS & LOSERS: RDI REIT Shares Jump On Takeover Deal
Fri, 26th Feb 2021 10:43
(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Friday.
SMALL-CAP - WINNERS
RDI REIT PLC, up 33% at 121.40 pence, 12-month range 41.55p-127p. RDI REIT, a London and Johannesburg-listed real estate investment trust, reaches agreement with SOF-12 Cambridge BidCo, a newly formed company owned by London-listed Starwood European Real Estate Finance, regarding a cash offer for the entire issued share capital of RDI REIT worth around GBP467.9 million. RDI REIT s shares will be going for 121.35 pence each, representing a 33% premium to the closing price of 91.2p on Thursday in London. This values RDI s entire issued share capital at around GBP467.9 million. Starwood bought a 30% stake in RDI REIT in July last year. The shares already owned by Starwood will not be bought by its acquisition vehicle. Starwood European Real Estate Financ