ESR Real Estate has provided an update on its cash offer bid for private equity real estate giant Propertylink Group (ASX:PLG).
It has confirmed that 34.58 per cent of the fully paid ordinary stapled securities in Propertylink Group on issue have either been accepted by ESR, they have instructions to accept, or are already held by ESR and their associates.
The Asian logistics platform lobbed a cash offer of $1.15 per share for the company in September of last year and has since increased its offer to $1.20.
The Propertylink board has unanimously recommended that shareholders accept the offer and the transaction is progressing fast with ESR announcing its intention to waive any conditions that have not been fulfilled or waived if it is satisfied certain criteria have been met by 19 February.
Shares in Propertylink Group (ASX:PLG) are trading 0.43 per cent higher at $1.16.