Terra Catalyst Fund said on Wednesday that its mandatory offer for UK listed property firm Rugby Estates Investment Trust has lapsed with immediate effect and is 'no longer capable of acceptance'. Terra launched the bid last month through its Terra Investments vehicle. The company offered to acquire Rugby Estates for 41 pence per share in cash.
Terra Catalyst Fund said on Wednesday that its mandatory offer for UK listed property firm Rugby Estates Investment Trust has lapsed with immediate effect and is 'no longer capable of acceptance'. Terra launched the bid last month through its Terra Investments vehicle. The company offered to acquire Rugby Estates for 41 pence per share in cash.
In November Rugby Estates' board said it would advise shareholders to reject the offer which 'substantially undervalued' the company.
In a statement on Wednesday, Rugby added that it 'actively continues to review all strategic options available to the company in order to maximise its value for the benefit of all shareholders over the short to medium term'.
The company unveiled plans last year to switch its focus to asset management at the expense of development and direct property ownership. The strategic review was carried out in response to the 'continuing deterioration of market conditions in the property sector and the wider economy in general.'
