CK Asset Holdings Advances Unconditional Date for Civitas Social Housing Takeover Bid

By Joe Hoppe

CK Asset Holdings said Friday that it has brought forward the unconditional date for its takeover bid for Civitas Social Housing to June 23, from July 21.

The Hong Kong-based property developer--which is bidding for Civitas through its wholly-owned indirect subsidiary Wellness Unity--said it wants to conclude the offer process to give Civitas shareholders an exit opportunity within a shorter timetable, while also allowing the continued development of Civitias' property portfolio.

The unconditional date is the date by which all conditions in the takeover of the real-estate investment trust must either be satisfied, or waived.

The deal was first disclosed in early May, when Wellness offered 80 pence for each Civitas share, valuing it at around 485 million pounds ($609.2 million). The offer represents a premium of around 44% to the closing price of 55.4 pence on the last business day prior to the announcement.

As of Thursday, CK either held or had received valid acceptances of 105.0 million shares, or around 17.3% of Civitas' issued share capital.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

June 09, 2023 04:27 ET (08:27 GMT)

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