Urban Logistics REIT confirms takeover approach from LondonMetric

(Sharecast News) - Urban Logistics REIT confirmed on Friday that it has received a preliminary, indicative takeover proposal from LondonMetric. "The board is currently reviewing the proposal with its advisers," it said in a brief statement, adding that there can be no certainty that any offer will be made nor as to the terms of any such offer.

Urban Logistics said a further announcement will be made as appropriate.

Under UK takeover rules, LondonMetric has until 9 May to either announce a firm intention to make an offer or walk away.

At 1255 BST, Urban Logistics shares were up 3.2% at 127.40p, while LondonMetric was 0.6% higher at 180.10p.