I-RES REIT minded to recommend €1.386 per share takeover proposal from Barings

(Sharecast News) - Irish Residential Properties REIT said on Monday that it had received a €1.386 per share takeover proposal from asset manager Barings that it would be minded to recommend should a firm offer be made. The Irish private residential landlord said this was the fifth proposal it had received from Barings.

"The board has carefully evaluated the possible offer together with its advisers and has unanimously concluded that the possible offer is at a level which, should a firm offer pursuant to Rule 2.7 of the Irish Takeover Rules be made on such financial terms, the board would be minded to recommend such a firm offer to I-RES shareholders," it said.

"This would be subject to the undertaking of satisfactory confirmatory due diligence by Barings, and agreement on all other terms and conditions of the offer and definitive transaction documentation."

I-RES said there can be no certainty that a firm offer will be made and a further announcement will be made as and when appropriate.

Under Irish takeover rules, Barings has until 9 November to either announce a firm offer or walk away.

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