By Ian Walker
PRS REIT said it received a 631.6 million pound ($852.7 million) takeover proposal from real estate investment management firm Long Harbour and that talks between the two are ongoing.
The real-estate investment trust--which entered into a formal sale process under U.K. Takeover Panel rules late last year--said Wednesday that Long Harbour is offering 115 pence in cash for each share PRS held.
The price is a 3.2% discount to Tuesday's closing price of 118.80 pence, but a premium of 11% to its closing price of 103.20 pence on Dec. 2, the day before PRS said it was in talks with a number of parties over a potential sale of the company.
PRS--which invests in new build, family homes in the private-rented sector--cautioned that there is no certainty any deal will be agreed and said it expects to provide a further on the formal sale process by the end of this month.
In October, PRS said that it was reviewing its options after feedback from a number of shareholders. As part of that, the company said it would consider a potential sale of the business.
Long Harbour isn't restricted to any U.K. Takeover deadline after the Panel granted a dispensation to the rule last year.
Shares were down 2.40 pence, or 2%, at 116.40 pence in early afternoon European trading. However, they are currently up 8.2% over the year to date.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
June 11, 2025 07:42 ET (11:42 GMT)
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