Grivalia Properties REIC received a tender bid from Fairfax Financial Holdings Ltd. for its minority shares in an acquisition that would take its total voting rights in the property company to at least 90%, Grivalia's board acknowledged in a filing.
According to a previous announcement, Grivalia said Fairfax and its affiliates were trying to snap up 49,239,630 Grivalia shares, or 48.63% of its paid-up share capital and voting rights, inclusive of its treasury shares. The potential buyer is offering a cash bid of €8.80 per share, which Grivalia's board said fits the "requirements of a fair and reasonable consideration."
Fairfax and its affiliates plan to keep up Grivalia's operational activities and will not move the company's headquarters or places of operation offshore from Greece. Fairfax also has plans to replace one member of Grivalia's board with another candidate it will pick.
Fairfax also earlier revealed to its target that it does not intend to utilize the squeeze-out option in its takeover bid.