By Joe Hoppe
Urban Logistics REIT said it now has until March 13 to clarify its intentions after approaching abrdn Property Income Trust with an all-share combination proposal.
Under the deal, first disclosed Tuesday, shareholders of abrdn Property Income Trust, known as API, would get 0.469 Urban Logistics shares for each of their own. Urban Logistics said then the proposal would lead to a potential combined market capitalization of around 830 million pounds ($1.05 billion).
The real-estate investment trust said Thursday that the Takeover Panel has now set a deadline by which it must clarify its intentions with regard to any offer for API.
The company said it will continue discussions with API and its advisers, and continue its due diligence.
There is no certainty a firm offer will be made.
Write to Joe Hoppe at joseph.hoppe@wsj.com
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