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Frasers opens 1-time offer for remaining free-float Geneba depositary receipts

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.