trending Market Intelligence /marketintelligence/en/news-insights/trending/bYYPKHPlRXWA0pFiU9YY8A2 content esgSubNav
In This List

Flotonic's cash buyout offers for AFI Development declared unconditional

Blog

Global M&A by the Numbers: Q2 2022

Blog

SEC Climate Disclosure Requirements Heating Up: How to Take Action

Blog

Infographic 2022 Top Tech Trends Shaping Corporations

Blog

Middle East & Africa M&A by the Numbers: Q1 2022


Flotonic's cash buyout offers for AFI Development declared unconditional

Flotonic Ltd. declared its $413 million cash buyout offers of Cyprus-based property company AFI Development PLC unconditional as to acceptances and in all respects.

As of Jan. 13, Flotonic amassed acceptances amounting to 150,638,574 A securities of AFI, translating to 28.76% of the total issued A securities, and 138,297,668 B ordinary shares, representing 26.40% of the total issued B ordinary shares.

The offeror now owns 487,587,370 A securities, equivalent to 93.08% of the issued A securities, and 481,097,326 B ordinary shares, representing 91.84% of such issued shares.

The offers will remain open for acceptance until 1 p.m. London time on Jan. 27.

AFI will apply to the London Stock Exchange to cancel the listing of the A and B ordinary shares on LSE's Main Market. Both of the delistings are set to occur on or around Feb. 21.

VTB Capital PLC is financial adviser to Flotonic.