Grainger Trust plc made a recommended cash offer of 270 pence a share for City North Group plc, valuing it at about £58.5m.
City North shareholders may choose a partial share alternative of 180pence in cash and 0.2423 new Grainger shares for each City North share, in a deal that values each City North share at 275 pence based on yesterday's closing prices.
Grainger is looking to strengthen its presence in the rental sector and in particular in the Central London residential market.
www.efreeman.co.uk
Source: Freeman
