Belgium’s Financial Services and Markets Authority has approved TPG’s prospectus for its takeover of industrial and office firm Intervest, triggering the start of an acceptance period.
The development takes TPG a step closer to its aim of buying the company with a €461 mln market cap after announcing last October an all-all cash offer to buy the shares it does not already own.
Intervest shareholders can tender their shares with the acceptance period open on Thursday and closing on 21 February at 16:00 CET. The results of the acceptance period will be announced on or around 28 February, and in the event of a successful offer, the offer price will be made payable on or around 13 March.
TPG’s offer for Euronext Brussels-listed Intervest Offices & Warehouses is pitched at €21.00 per share, a 52.5% premium to the closing share price on October 5 and 38.9% above levels for the last six months. Historically, shares in the REIT reached a notable peak back in March 2007 at €30 a share. The last peak was reached in April 2022 at €28.25 before halving since then to around €14.
The company, which has a market cap of €461 mln, celebrated 20 years of being a public property company in 2019. It first listed in Brussels in 1999 just three years after launching. In 2015, it switched focus to logistics real estate. In 2017 it took its first steps into The Netherlands.
