Kiwi Income Properties today instructed its share broker Goldman Sachs JBWere to stand in the market to buy 19.9 per cent of Capital Properties at $1.15 a share.
Capital Properties shares closed yesterday at $1.02.
The overnight offer and stand in the market is conditional on Kiwi Income Properties (KIP) winning at least a 10 per cent stake.
The stand includes an escalation clause that if KIP pays above $1.15/share, all sellers will receive the same.
The stand opens at 10am today on a first-come-first-serve basis and will continue until 5.00pm if not completed earlier.
KIP is the manager of Kiwi Income Property Trust, whose shares shares closed at $1.10 yesterday.
- NZPA
Kiwi Income stands in market for 19.9pt of Capital Properties
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