Equity One makes offer for DIM Vastgoed

Amsterdam-listed real estate investment firm DIM Vastgoed announced on Friday that it has cancelled a rights issue after a subsidiary of Equity One, its largest shareholder, tabled a takeover offer.

Florida-based Equity One is offering $6.16 (EUR 4.09) per share through its subsidiary on condition that a minimum of 95% of all shares are tendered. Equity One already controls 75% of DIM Vastgoed's share capital.

DIM Vastgoed invests in US real estate and its shares on NYSE Euronext in Amsterdam are priced in dollars. Its share price was $4.15 at the close of trading on 26 November.

In response to the decision by DIM Vastgoed to cancel the rights issue, Equity One has agreed to extend a loan, which was due to expire on 1 January, for a further three months.

Equity One is also providing DIM Vastgoed with a $3 mln financing facility to strengthen DIM Vastgoed's working capital.

The board of DIM Vastgoed has undertaken to study the takeover offer and respond as soon as possible.