The board of Urban Logistics Reit has urged Abrdn Property Income (API) shareholders to reject the takeover bid from Custodian Reit, despite backing from the trust’s board.
In a stock exchange announcement this morning (18 March), the £557m Urban Logistics also encouraged API’s board to re-consider their own takeover proposal.
API shareholders are set to vote on the Custodian deal at a court meeting and general meeting on 27 March.
Last week, the API board reiterated its recommendation that shareholders back the Custodian takeover bid.
Custodian had first announced their offer for API in January, before Urban Logistics tabled an indicative proposal in February.
Urban Logistics has until 5pm on 20 March to firm up its interest or to walk away from a deal.
