Irish firm bids for Trafford Park Estates
Wednesday 20 May 1998
The offer of approximately 212p a share represents a premium of 33 per cent over Trafford's 159.5p closing price on 12 May, the last business day before Green's approach was made public. The board of Trafford said it was considering the offer and advised shareholders to take no action pending its recommendation.
"The acquisition of Trafford Park Estates is in line with our strategy to increase our industrial holdings in the UK," said Stephen Vernon, Green Property's managing director.
Last week Trafford said it will delay for two weeks a shareholders' vote on its bid for Barlows, a property developer in the North-west, to allow time to assess whether Trafford itself should be sold. Earlier this month Green offered to buy Trafford Park for pounds 126m to pounds 139m on condition Trafford's bid for Barlows is called off.
Trafford rejected Green's earlier offer, saying it was too low but has since postponed the shareholders' vote on the bid for Barlows until 29 May.
Green is also offering a cash alternative to Trafford shareholders of 190p for each Trafford Park share held. Trafford Park shares rose 11.5p, or 6.4 per cent, to 191p, having climbed from 159.5p on 12 May. Trafford Park, with the approval of Barlows' board, had offered to pay one of its shares for every 2.61971 Barlows shares held, valuing the company at pounds 26.7m. The valuation took place before Trafford Park shares jumped due to Green's bid. Trafford Park holds industrial property in Manchester and other centres in the UK, in addition to several development sites.
- 2 The man who filmed the Freddie Gray video has been arrested at gunpoint
- 3 How the language you speak changes your view of the world
Oxygen-starved 'dead zones' with no marine life up to 100-miles long discovered in the Atlantic Ocean
The man who filmed the Freddie Gray video has been arrested at gunpoint
Indonesia executions: Death row British grandmother Lindsay Sandiford will refuse to wear a blindfold when she faces firing squad
Russian warships accused of 'chasing away' Swedish vessel to prevent Baltic States from achieving energy independence
How the language you speak changes your view of the world
Over 50,000 families shipped out of London boroughs in the past three years due to welfare cuts and soaring rents
EU asylum policy is 'a direct threat to our civilisation', says Nigel Farage
The Rothschild Libel: Why has it taken 200 years for an anti-Semitic slur that emerged from the Battle of Waterloo to be dismissed?
General Election 2015: SNP and its activists 'openly racist' towards the English, Farage says
General Election 2015: UK will be 'run for the wealthy and powerful' if Tories retain power, Labour warns
Schools forced to act as 'miniature welfare states' with teachers buying underwear and even haircuts for poor pupils
iJobs Money & Business
£16000 - £18500 per annum: Recruitment Genius: This is an excellent opportunit...
£24000 - £28000 per annum: Recruitment Genius: A Senior SEO Executive is requi...
£16000 - £18000 per annum: Recruitment Genius: An Online customer Service Admi...
£18000 - £22000 per annum: Recruitment Genius: This global, industry leading, ...