Shaftesbury, the REIT focused on London’s West End, saw an announcement yesterday from entities controlled by the ‘Lee Family’ (principally through Mr Samuel Tak Lee) of a tender offer to acquire up to 9.3% of the shares in Shaftesbury at a price of 888p per share. If the tender is successful, the Lee family will control 13.2% of Shaftesbury. The board have responded today, citing a closing price on the 20 July of 929.5p per share, saying that the offer has been made without prior notice to Shaftesbury, was not solicited by Shaftesbury and that they do not recommend it. The announcement of the tender offer, by the Lee Family, gave little in the way of indication as to their intentions for Shaftesbury or why they wish to increase their holding at the current time. Shaftesbury owns properties in and around Covent Garden, China Town, Soho, Carnaby Street and Charlotte Street. Its interests include residential, office and retail spaces.
UPDATE 10/8
The tender offer was conditional on at least c2.7m shares being tendered but this did not happen so it has lapsed.
Shaftesbury Board does not recommend Lee Family offer : SHB