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BRIEF-Group Five updates on offer by Greenbay Properties
October 20, 2017 / 2:15 PM / a month ago

BRIEF-Group Five updates on offer by Greenbay Properties

Oct 20 (Reuters) - Group Five Ltd

* CONSTITUTED INDEPENDENT BOARD , WHICH IS REQUIRED TO APPOINT INDEPENDENT EXPERT, TO PROVIDE FAIR AND REASONABLE OPINION ON OFFER​

* ‍INDEPENDENT BOARD IS NOT IN A POSITION TO PROVIDE ITS RECOMMENDATION IN RELATION TO OFFER WITHIN TIMEFRAME REQUIRED BY GREENBAY​

* ‍OFFER WILL LAPSE AT 17H00 ON OCT 20 IN ACCORDANCE WITH ITS TERMS​

* ‍NOTES THAT OTHER EXPRESSIONS OF INTEREST FOR TARGET ASSETS, AND OTHER ASSETS, CONTINUE TO BE RECEIVED​

* ‍INDEPENDENT BOARD‘S PRELIMINARY OBSERVATION THAT GREENBAY‘S OFFER PRICE SUBSTANTIALLY UNDERVALUES TARGET ASSETS STANDS

* GREENBAY RESPONDED STATING IT WOULD NOT EXTEND PERIOD MERELY TO ALLOW GROUP FIVE THE OPPORTUNITY TO PURSUE OTHER POSSIBILITIES​ Source text for Eikon: Further company coverage:

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