Real Estate Corp Limited
(ASX:RNC) has backed a $60.7 million off-market takeover bid by unlisted real estate developer Little Group.
Little Group has offered $0.37 cash per share to acquire the Melbourne-based retail property manager. The offer is at an 18 per cent premium to the volume weighted average price of the target’s stock six months ahead of the announcement.
Real Estate Corp’s board has unanimously decided to recommend shareholders accept the bid in the absence of a superior proposal. The board believes Little Group’s offer represents the best current available value and will be open for acceptance until March 25, 2014.
Little Group is owned and controlled by former Toll Holdings Limited
(ASX:TOL) chief Paul Little and his wife.
Real Estate Corp reported a net profit of $1.5 million in the 2013 financial year.
