HONG KONG, Sept 26 (Reuters) - Hong Kong-based private equity group PAG said on Wednesday a unit of the firm had launched a HK$5.24 billion ($671 million) unsolicited takeover bid for Spring Real Estate Investment Trust (REIT).
PAG’s offer of HK$4.85 for each unit of Spring REIT represented a 61.7 percent premium over its closing price of HK$3.00 on Monday, it said in a statement. Hong Kong markets were closed on Tuesday for a public holiday.
PAG’s bid for Spring REIT would value the company at $780 million, and is the latest in a long battle between the two.
“The Offeror believes that it is necessary to replace Spring REIT’s existing Manager and conduct a strategic review to address Spring REIT’s continued under-performance,” the PAG statement said.
Spring REIT, whose shares jumped more than 30 percent on Wednesday, did not immediately respond to a request for comment.
$1 = 7.8144 Hong Kong dollars Reporting by Alun John; Editing by Stephen Coates