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

Flotonic's cash buyout offers for AFI Development declared unconditional

Case Study

An Investment Bank Taps S&P's Real Estate Modeling Expertise


FIMA EUROPE 2023: Exploring the Intersection of Data, Governance, and Future Trends in Finance


Private Markets 360° | Episode 8: Powering the Global Private Markets (with Adam Kansler of S&P Global Market Intelligence)


Infographic: The Big Picture 2024 – Energy Transition Outlook

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.