Invista Real Estate Investment Management Holdings (LON:INRE) shares were boosted by news of an offer from Palmer Capital Group which values Invista at just under £40 million.
Palmer Capital is paying 14.75 pence for each ordinary share and £1 for each preference share, all in cash. Invista has recommended the bid.
By 12.45 pm, Invista stock was trading 18.18 percent higher at 14.625 pence.
The company has withdrawn the recommendation for the previously announced bid from pan-European property group Internos, as the latest offer is 18 percent higher at principally the same terms.
The Invista group manages investments in commercial property assets in the UK, Europe and Asia, with a total of £749 million of assets under management as at December 31 2011.
The Palmer Capital Group is a privately owned real estate investment manager and venture capital business which manages assets across Europe and has offices in London, Munich and Hong Kong.
Invista Real Estate lifted by Palmer Capital offer, Internos offer rejected
Published: 12:52 18 Jun 2012 BST