London-based Hansteen confirmed on Wednesday that it is considering making an offer for the remaining shares in Kenmore European Industrial Fund (KEIF) after purchasing 12% of the company's capital earlier this week.
London-based Hansteen confirmed on Wednesday that it is considering making an offer for the remaining shares in Kenmore European Industrial Fund (KEIF) after purchasing 12% of the company's capital earlier this week.
'Hansteen confirms that an approach has been made to the board of KEIF in relation to a potential offer by Hansteen for the remaining issued and to be issued ordinary share capital of KEIF,' the company said on Wednesday.
The company added that the discussions with KEIF's board are 'at a very preliminary stage' and that any offer would be subject to certain pre-conditions including due diligence on commercial and financial matters.
The potential bid comprises 20 pence in cash and 0.2469 new Hansteen shares for each KEIF share, which equates to a value of 40.6 pence per KEIF share. The operation values the issued share capital of KEIF at around £56.8 mln (EUR 63 mln). Hansteen said the potential acquisition is 'an excellent opportunity to buy high-yielding assets which would complement and extend its existing European portfolio'.
On Tuesday, Hansteen said it planned to issue over 4 million new shares to fund the purchase of 12% of KEIF's capital from shareholder Knowe Properties. Hansteen is also forking out £3.36 mln in cash for the acquisition.
