The board of MAS Real Estate has received a letter from PK Investments (PKI) wherein PKI intends to make a voluntary offer to MAS shareholders to acquire their shares.
PKI — a subsidiary of PKM Development — indirectly holds 152.7-million MAS shares, or 21.8% of its total issued share capital, through its subsidiary PKH.
MAS owns 40% of PKM Development's equity and Prime Kapital
Holdings owns 60%.
The consideration that PKI is proposing to MAS includes 5-year redeemable nonvoting preferred shares and/or cash of €0.85 per share.
The cash consideration is subject to acceptances not exceeding a total of €40m.
“The MAS board of directors is reviewing the contents of the bid letter. Prior to receipt of the bid letter, MAS was not aware of, and did not provide any input on, the terms and conditions proposed by PKI,” it said on Friday.
Shareholders were advised that no action is required to be taken until a voluntary bid document is distributed by PKI.
MAS’ portfolio includes malls, offices and residential developments properties in Romania, Bulgaria and Poland.
At 9.55am on the JSE, the group’s share price was up 3.1% at R19.65.
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