Dutch retail property company VastNed Retail has resumed exclusive talks to sell itself to Amsterdam-based IEF Capital, the joint venture between Bouwfonds Asset Management and the Inflation Exchange Fund.
In a statement made this morning, Vastned has said it had resumed talks to sell the company on the basis of a E70 a share offer – the same price which it rejected in November last year. In that offer, the bidders valued Vastned, which controls 560 properties across four countries, at E1.15bn (£917m).
This comes just two days after Vastned said it would not split the company up and sell it in parts. It branded the original IEF bid as too low, causing shares in the company to fall 5.5% to E64.21. Today, shares in Vastned were up 1.249% to E68.91.
The statement read: ‘Further to the statements made at the AGM of April 8 2008, the board of management of VastNed Retail, confirms to resume discussions with IEF Capital on the basis of the indicative bid of at least E70 per share, after final dividend 2007, as communicated earlier by IEF Capital.’
‘As requested by IEF Capital these discussions shall take place on the basis of exclusivity. Further announcements will be made when circumstances require.’