Each of UK property firm’s shares will be bought for 131p in cash after its directors recommended that shareholders accept offer from private fairness group Quintain Estates and Development,the developer behind Wembley Arena, has been bought by US private fairness group Lone Star for £700m.
Dallas-based Lone Star agreed to pay 131p in cash for each Quintain share. It pledged to contribute “meaningful additional financial resources” to help Quintain build “more homes more quickly” at Wembley. The directors of Quintain voted unanimously to recommend that shareholders accept the offer.
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Source: theguardian.com