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Vastned fails to secure minimum acceptance in Vastned Retail Belgium takeover

Following an acceptance period ended June 1, Vastned Retail Belgium shareholders tendered 1.2 million shares in the takeover offer by Vastned Retail NV, representing 70% of the free float, failing to reach the minimum acceptance threshold of 90%.

Vastned Retail NV's €54.88-apiece bid for the remaining 34.51% of shares in Vastned Retail Belgium had one acceptance period, without the possibility of a voluntary reopening of the bid.

As a result of not achieving the threshold, the Belgium-based company will not move ahead with its planned conversion into a specialized real estate investment fund from its status as a public regulated real estate company. Vastned Retail Belgium will remain listed on the Euronext Brussels, according to a release.

Vastned Retail noted that the failed bid is expected to lower its result in 2018 due to the costs incurred. The company expects its direct result for the year to fall in the range of €2.10 per share to €2.20 per share.