PAG's bid for Spring REIT fails to get enough support

Spring Real Estate Investment Trust

28/11/2018 16:21

Nov 28 (Reuters) - Hong Kong-based PAG's bid to buy Spring
Real Estate Investment Trust  1426.HK  fell through on Wednesday
as it failed to secure the required acceptances from the realty
firm's unitholders.
    Private equity firm PAG's unit, RE Strategic Investments,
raised its bid for Spring REIT in late October to HK$5.30 per
unit, or HK$6.73 billion ($859.93 million), according to
Refinitiv data.  urn:newsml:reuters.com:*:nL3N1X9584
    RE Strategic said it received 48.59 percent acceptances from
unitholders, below the 50 percent level it needed for the offer
to become unconditional. 
    PAG currently has a 13.88 percent stake in Spring REIT,
according to Refinitiv data. 
    Shares of Spring REIT have risen 28 percent to HK$3.84 since
PAG's original bid in September. 

($1 = 7.8262 Hong Kong dollars)

 (Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by
Anil D'Silva)
 ((NikhilKurian.Nainan@thomsonreuters.com; +91 806 749 1637;
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nikhilkurian.nainan.thomsonreuters.com@reuters.net))