London & Stamford makes offer for Metric

City A.M. Reporter
Property investment company London & Stamford today made a £209m takeover offer for developer Metric Property Investments, three days after announcing they were in advanced discussions to merge their businesses.

London & Stamford is offering 0.94 of its shares for every Metric share. Under the terms of the merger, Metric would own 25 per cent of the company, and London & Stamford would own 75 per cent.

The new company will be called LondonMetric Property.

Metric chief executive Andrew Jones said: "The proposed merger will create a larger real estate investment trust with scale, diversity and liquidity and brings together deep real estate knowledge, financial resources and management skills.”

Following the completion of the merger, London & Stamford intends to return £100m of capital to shareholders of the enlarged company.