Abrdn Property Income Trust (API) has postponed a court and general meeting of shareholders to vote on Custodian Property Income Reit’s all-share offer for the trust as it weighs up a rival bid from Urban Logistics.
API shareholders were due to meet on 28 February to vote on Custodian’s offer. Instead, the board said in a stock exchange announcement that it intends to adjourn the meetings and hold them both on 20 March.
Custodian had announced an agreement with API over an all-share merger on 19 January, which was subject to shareholder approval.
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On Monday (21 February), Urban Logistics tabled its own offer, which it said comes at a 13% premium to the proposal tabled by Custodian and a 23% premium to API’s price at the time the Custodian deal was announced in January.
However, the bid is not yet binding, with the delayed meeting allowing Urban Logistics time to firm up its interest.
Its offer is worth approximately 59.2p per API share, adjusted downwards for the 2.45p Urban Logistics special dividend.
The API board said they are currently considering the offer.
