Business
Recommended cash offer for U and I Group PLC
Recommended cash offer for U and I Group PLC.
About this update from Land Securities Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8206Q\n Land Securities Group PLC\n 01 November 2021\n \n \n \n NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION\n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n FOR IMMEDIATE RELEASE\n 1 November 2021\n RECOMMENDED CASH ACQUISITION\n of\n U AND I GROUP PLC\n by\n LS DEVELOPMENT HOLDINGS LIMITED\n (a newly formed company indirectly owned by Land Securities Group PLC)\n to be effected by means of a Scheme of Arrangement\nunder Part 26 of the Companies Act 2006\n Summary and highlights\n \n ·The boards of directors of U and I Group PLC (\"U+I\") and LS Development Holdings Limited (\"Landsec Development\"), a newly formed wholly-owned indirect subsidiary of Land Securities Group PLC (\"Landsec\"), are pleased to announce that they have reached agreement on the terms of a recommended all cash offer by Landsec Development for the entire issued, and to be issued, ordinary share capital of U+I (the \"Acquisition\").\n \n · Under the terms of the Acquisition, U+I Shareholders will be entitled to receive:\n 149 pence for each U+I Share\n \n · The Acquisition values the entire issued and to be issued share capital of U+I at approximately £190 million on a fully diluted basis and the price of 149 pence per U+I Share represents a premium of approximately:\n \n o 73 per cent. to the Closing Price of 86.0 pence per U+I Share on 29 October 2021 (being the last Business Day before the commencement of the Offer Period);\n \n o 71 per cent. to the volume-weighted average price of 87.2 pence per U+I Share for the one-month period ended 29 October 2021 (being the last Business Day before the commencement of the Offer Period); and\n \n o 70 per cent. to the volume-weighted average price of 87.8 pence per U+I Share for the three-month period ended 29 October 2021 (being the last Business Day before the commencement of the Offer Period).\n \n ·If, on or after the date of this announcement and before the Effective Date, any dividend, distribution or other return of capital or value is announced, declared, made or paid by U+I or becomes payable by U+I in respect of the U+I Shares, Landsec Development reserves the right to re...