Urban Logistics REIT has announced that it will not proceed with an offer for abrdn Property Income Trust.
The company had made a merger proposal to the company’s board in February, rivalling a merger bid by Custodian Property Income REIT, and in March set out the terms of an alternative proposal that would see it acquire API’s logistics and retail warehouse assets and leave API with the rest to wind down and return proceeds to shareholders.
It leaves API shareholders with two options – vote in favour of the Custodian bid or vote against and the company will most likely enter a managed wind down.
We believe the latter would offer better value for shareholders. Read our view on this here.