UK's Unite Group to buy Empiric Student Property in $860 million cash-and-stock deal
The proposed acquisition adds to a growing wave of transactions in the UK REIT sector and comes amid a broader surge in takeover bids for British firms.
Under the terms of the deal, Empiric's shares would be valued at about 94.2 pence each, excluding dividends, based on Unite's closing share price of 732 pence on Wednesday.
Upon completion, Empiric shareholders will own about 10% of the combined group, with existing Unite shareholders holding the remaining 90%.
($1 = 0.7367 pounds)
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