Hansteen Holdings has agreed terms to sell the company to Blackstone for £500m.
Under the terms of the deal, Hansteen shareholders will receive 116.5p a share, which represents a 10.3% premium to yesterday’s closing price and an 18.1% premium to the average price for the last three months. It also reflects an 11.6% premium to the latest EPRA NAV of 104.4p a share.
The price values Hansteen at around £500m. Hansteen had a market capitalisation of £451m and, as at 30 June 2019, had net assets of £443.4m.
Hansteen’s directors intend to recommend unanimously that shareholders vote in favour of the deal. The acquisition will be put to shareholders in February 2020.
Commenting on the acquisition, Ian Watson and Morgan Jones, Hansteen’s joint chief executives, said: “We founded Ashtenne in 1989, floated the business in 1997 and successfully sold it in 2005. Throughout the life of the business we regarded our shareholders and ourselves in a joint enterprise to build and ultimately crystallise the value we created.
“Following that successful realisation, in early 2005 we floated Hansteen to create a similar business to Ashtenne, firstly in continental Europe and, as values fell, in the UK as well. Many Ashtenne shareholders followed us into Hansteen and have remained with us since. Again our philosophy has been to work with our shareholders, who supported six successful fundraisings, enabling us to acquire opportunity rich properties in the early stage of the cycle. This included acquiring the core of Ashtenne’s team and properties.
“Over the last few years we have been crystallising much of the value created, returning substantial capital and making high returns for shareholders. The offer from Blackstone is a continuation and conclusion of that strategy and we believe provides a highly satisfactory outcome for our shareholders and employees. We have given irrevocable undertakings to vote in favour of Blackstone’s offer in relation to our own shareholdings.”
HSTN : Hansteen agrees £500m sale of company to Blackstone
Well here we go again,greed by the top ?.im one that paid more for the shares than the offer price,when did they know?.
Hi Milne – It may be that you aren’t factoring in the 35p per share special dividend that the company paid in 2018. By our reckoning, everyone should be making money from a 116.5p per share bid.