FTSE 250 property firm Daejan to be taken private in £1.3bn deal
Property company Daejan Holdings saw a surge in share price in Friday morning trading after revealing it would be taken private in a deal with Centremanor.
The FTSE 250 firm has agreed a deal worth 8,050p per share and saw its share price soar by 2,830p as a result.
The deal values the loss-making property group at around £1.31bn.
Property investment and development company Centremanor is part of the Freshwater Group.
Freshwater already owns a 79 per cent stake in Daejan and its chairman is Benzion Freshwater, the son of Freshwater founder, Osias Freshwater.
The Daejan chairman said the £80.50 offer per share was a 58 per cent premium to the average price over the past sixth months and was a “meaningful premium” for investors.
Freshwater said it wanted to buy the rest of the shares to take the firm private as it had no plans of selling.
He added: “This means there is no possibility of a successful third party offer for Daejan emerging. Accordingly, it seems to me that it is in the best interests of external shareholders to have the opportunity of realising their investment at this time.”