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VastNed rejects IEF Capital bid

(AMSTERDAM) Dutch property group VastNed Retail rejected a 70 euro per share, 1.15 billion euro (S$2.4 billion) intended bid from a group led by IEF Capital, saying that it was well below its real value.

VastNed Retail said in a statement that it saw no reason for further talks with IEF Capital about its plans for a bid, which was 24 per cent above VastNed’s closing price of 56.65 euros on Tuesday.

VastNed shares jumped to just above the bid price at 70.02 euros in early trade before easing, and were up 19.4 per cent at 67.65 euros by 0845 GMT, making them the biggest gainer on the Amsterdam exchange.

IEF Capital said late on Tuesday that it was preparing a bid for VastNed Retail and said that Dutch pension fund PGGM, which holds more than 20 per cent of VastNed shares, was willing to support the offer and pledge its shares under certain conditions.

IEF Capital said that it expected to get financing for the bid and needed to do only limited due diligence on the target.

 

Source: Reuters (Business Times 8 Nov 07)

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