CK Asset Holdings Declares Civitas Takeover Offer Unconditional
By Anthony O. Goriainoff
CK Asset Holdings said that its takeover bid for Civitas Social Housing was now unconditional as the unconditional date for the transaction was reached Friday.
The Hong Kong-based property developer--which is bidding for Civitas through its wholly-owned indirect subsidiary Wellness Unity--said Friday that the full number of shares it now owned and had pledged was around 65% of the existing issued share capital of Civitas.
The unconditional date refers to the date by which all conditions in the takeover of the real-estate investment trust had to either be satisfied, or waived.
CK Asset said it was waiving down the percentage required to satisfy the acceptance condition to more than 50%, from not less than 75%, of the voting rights then normally exercisable at a general meeting of Civitas.
The company said the offer remained open for acceptance until further notice and urged Civitas shareholders who hadn't yet accepted the offer to do so as soon as possible.
The deal was first disclosed in early May, when Wellness offered 80 pence for each Civitas share, valuing it at around 485 million pounds ($618.2 million).
Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
June 23, 2023 04:06 ET (08:06 GMT)
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