ING extends Urbus takeover offer

The offer will now close just before midnight on June 24, instead of June 3.

Since the offer opened on April 26, ING has received over 4400 acceptance forms representing more than 40% of Urbus' shares.

ING Property Trust chairman Mike Smith said it was always expected that the takeover process would take some time given the high number of retail, as opposed to institutional, investors in the stock.

Under the offer Urbus shareholders will get 0.98 ING shares for every Urbus share. If the takeover is successful, ING will be the country's second biggest listed property trust, behind Kiwi Income, with assets of around $800 million and a market capitalisation of about $550 million. It will be big enough to be listed on the Stock Exchange's top 50 index.

The Urbus board of directors has recommended that shareholders accept the offer.

Shares in Urbus were up 1c to $1.15 this afternoon, having ranged between 90c and $1.19 over the past 12 months.

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