A statement said Land Securities Group plc had a deal to buy rival U.K. developer U I Group Plc for about 190 million pounds in cash.
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The 149 pence a share offer is recommended by U I's board and represents a 73% premium to the company's closing price on Friday. U I, which specializes in regenerating run-down neighborhoods, has a pipeline of development projects that need funding.
LandSec wants to pivot away from its traditional model focused on retail properties and developing London office projects. The company has started targeting mixed use developments that include housing and other uses in the U.K. U I has major projects at Mayfield in Manchester and Morden Wharf in London s Greenwich district.
The shares of U I were trading up by 72% at 1: 30pm in London. LandSec shares dropped by 0.6% to 683.60 pence.
The company said that the acquisition reflects the value of combining U I s front-end development capabilities, placemaking skills and portfolio of core regeneration projects that require funding, with Landsec s development experts and strong balance sheet.
Analysts at RBC Capital Markets said the deal showed management's desire to implement its new strategy and the pace at which it wants to achieve that change. paraphrase: We believe its new strategy will create value, but that a key concern among investors is that it will take a significant time to become evident. paraphrase: The firm has an Outperform rating on the stock.
According to the statement, Rothschild was a financial adviser to U I and UBS Group AG to LandSec.
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