Freeport has ended takeover talks with Carlyle Real Estate Advisors
The European retail outlet shopping centre developer said it has 'terminated discussion with all parties that have expressed interest in a potential offer for the company as it has become clear that any proposal to be forthcoming will not in the best interests of the company and its shareholders'.
In December last year Freeport shareholder Laxey Partners, which owns a 29.7% stkae in the company, said it was prepared to negotiate the sales of its shares if Carlyle made an offer.
Freeport said today: 'The board has met several times with interested parties to explore whether an offer could be forthcoming that was in the best interests of shareholders.
'The board has been concerned for some time about the length of time this process has taken, mindful of the potential uncertainty such a process could cause for the company, its employees and shareholders.'
The company, commenting on improved trading in the last six months, said it had maintained a 79% occupancy at Alcochete, its largest retail outlet centre south of Lisbon, Portugal, and terms have been agreed to lease a further 10% at the scheme.
Chairman Robin Binks, said its chief executive, Iestyn Roberts, had been working hard to deliver improved performance. ‘We are pleased with the progress that has been achieved and the potential to deliver improved performance at our existing sites and through the successful development of our new sites,' said Binks.