Frasers Centrepoint Ltd.'s Frasers Property Investments (Holland) BV launched an offer to by all the remaining issued and outstanding depositary receipts it does not own in Geneba Properties NV.

The €3.74 per-depositary-receipt offer is the same amount that Frasers offered to buy its 86.56% stake in Geneba. The remaining 13.44% free-float depositary receipts will give Frasers full ownership of the European property company.

If Frasers' stake in Geneba surpasses the 95% mark, the former will then delist the latter from the NPEX in the Netherlands, according to a release.

The cash offer runs from Aug. 4 to Sept. 8, unless it gets extended. An Aug. 29 meeting for Geneba shareholders will be held to answer any queries related to the one-time offer. Shareholders who tender their depositary receipts will be paid Sept. 14.

Geneba's management and supervisory boards also recommend shareholders to accept Frasers' offer.