ING Property Trust Holdings Ltd (the takeover vehicle for ING Property Trust) extended its takeover offer for Urbus Properties Ltd for 3 weeks on Friday.
Monday, May 23rd 2005, 4:03AM
by The Landlord
It will now close on Friday 24 June.
ING Property Trust Management Ltd chairman Mike Smith 4400 acceptances for more than 40% of the Urbus shares had been received in the 3 weeks since the bid opened, but it was always expected the process would take time, given the composition of the Urbus securities register.
"The Urbus shareholder base of over 7500 investors is spread right around the country and comprises predominantly retail - as opposed to institutional - investors. This means we are communicating with a much higher number of individual investors than might otherwise be expected.
