Leading Dutch real estate group VastNed Retail NV rejected a 70 euro per share takeover bid by Inflation Exchange Fund (IEF) Capital, a joint venture of Bouwfonds Asset Management and Inflation Exchange Fund.
VastNed called the bid price ‘substantially too low’ and said that it ‘does not do enough justice to the rights of all shareholders’, media reports said.
VastNed said it already informed IEF Capital on October 29 that ‘on this basis’ it can see ‘no reason’ to enter takeover talks.
IEF Capital on October 12 made its first indicative offer, which VastNed later in the month rejected. However, IEF Capital tuesday issued a press release in which it repeated its 70 euro per share offer.
The closing share price of VastNed on tuesday was 56.65 eur.
