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Spring REIT board fully recommends rejection of PAG takeover offer

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Spring REIT board fully recommends rejection of PAG takeover offer

Spring Real Estate Investment Trusts board is unanimously recommending its unit holders reject the roughly HK$6.15 billion takeover offer from Asian private equity firm PAG.

The decision came after the Hong Kong-based office-focused REIT's independent board committee determined the terms of the offer as being "not fair and reasonable," based on the recommendation of Trinity Corporate Finance, Spring REIT's independent financial adviser.

The company has advised its unit holders to take no action with regard to the offer, and to not complete any acceptance forms.

Spring REIT plans to hold an extraordinary general meeting Oct. 29 to consider, among other things, the buyout offer that commenced Sept. 29 and that is scheduled for a first close Oct. 29.