Vastned has admitted that it will not be able to meet the 26 November deadline set by hostile bidder IEF Capital for the provision of separate information about Vastned's performance. The Dutch listed retail property fund reiterated in a statement on Friday that it was opening its books to all potential bidders, including IEF Capital, and that the data room would be opened by 14 December.
Vastned has admitted that it will not be able to meet the 26 November deadline set by hostile bidder IEF Capital for the provision of separate information about Vastned's performance. The Dutch listed retail property fund reiterated in a statement on Friday that it was opening its books to all potential bidders, including IEF Capital, and that the data room would be opened by 14 December.
Vastned noted that IEF Capital, a joint venture of Bouwfonds Asset Management and Inflation Exchange Fund (IEF), had said earlier in the week that it could reconsider its EUR 1.15 bn bid, equivalent to EUR 70 per share, if it did not receive further information on the target by Monday. Vastned said the data room procedure 'aims to provide information carefully and in a controlled way to all potential bidders, and to ensure a level playing field in order to secure the most attractive offer for the shareholders.' The Dutch company reiterated that due-diligence reviews should be concluded by the first quarter of 2008.