The two companies bidding to acquire Capital & Regional have been granted a further deadline extension.
NewRiver REIT and Praxis now have until 5pm on 12 September to make a formal offer or withdraw from the process.
On 19 April, the board of Capital & Regional said its majority shareholder Growthpoint Properties, which holds 68.13% of the company’s issued share capital, had received a preliminary expression of interest from NewRiver REIT in relation to a possible offer in cash and shares for the entire share capital of Capital & Regional.
Earlier this month, NewRiver REIT was given until 5pm on 15 August to either announce a firm intention to make an offer for the company or announce it did not intend to make an offer.
On 19 July 2024, Praxis Group announced that it was in the early stages of considering whether or not to make a cash offer for the entire issued, and to be issued, share capital of Capital & Regional and was given until 5pm on 16 August to make an offer for the company.
In a statement, Capital & Regional said: “To allow the discussions with each of NewRiver and Praxis to continue, the board of Capital & Regional has requested, and the Panel on Takeovers and Mergers has consented to, extensions to the date by which each of the potential bidders is required to either announce a firm intention to make an offer for the company or announce that it does not intend to make an offer.”
