Shopping centre owner Capital & Regional PLC (LSE:CAL) has agreed to a takeover by fellow UK REIT NewRiver (LSE:NRR) after it made an offer worth £147 million.
For each of their shares, C&R shareholders will receive 31.2p in cash and 0.41946 NewRiver shares, or an equivalent of 62.5p each.
According to the statement, the offer is a 21% premium to price before the start of talks.
Capital & Regional shareholders will own approximately 21% of the enlarged company if the deal goes ahead.
Another group, Praxis, pulled out of the bidding talks earlier this month.
Shares in C& R rose 1% to 63p while NewRiver was flat at 82.4p.