Palmer Capital Trumps Internos’ Bid for Invista Real Estate

June 21, 2012

On June 18, 2012, reported that Invista Real Estate Investment Management Holdings Plc (LSE: INRE.L) had agreed to be acquired by Palmer Capital Investors (India) Ltd., beating out a competing offer from Internos Real Investments.

On June 18, 2012, reported that Palmer Capital Investors (India) Ltd. had agreed to purchase U.K.-based Invista Real Estate Investment Management Holdings Plc (LSE: INRE.L) in a deal valued at ₤39.67 million. Palmer Capital, a privately owned real estate investment manager and venture capital business, has reportedly offered to pay 14.75 pence for each Invista ordinary share and ₤1 in cash for each Invista preference share sold. Invista was previously reported to be in acquisition talks with Internos Real Investments which did not culminate in an agreement (see our 5/25/2012 post).  Palmer’s bid represents an 18% premium over the Internos offer in respect of the ordinary shares. The boards of both companies have agreed to terms of a court sanctioned scheme. Invista directors reportedly unanimously withdrew their recommendation of the Internos offer and instead are recommending that shareholders vote in favor of the Palmer offer.  Invista Group is a commercial property investment manager with approximately ₤749 million in assets under management across the U.K., Europe and Asia. The deal is expected to close during the second half of 2012.
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Investment Manager M&A, Transactions