Urbus takeover unconditional

ING Property Trust's takeover offer for Urbus has gone unconditional.

ING chairman Mike Smith said Urbus shareholders who had not yet accepted the offer had just over a week to do so before the offer closed on June 24.

As at the close of business on Friday, ING had received acceptances for just over 71 per cent of Urbus.

Smith said he was confident ING would reach the 90 per cent threshold which would spark a compulsory acquisition of all remaining Urbus shares.

The Urbus board has recommended shareholders accept the offer, under which they get 0.98 ING shares for every Urbus share.

A full merger between ING and Urbus would create the country's second-biggest listed property trust, behind Kiwi Income, with assets of about $800 million and a market capitalisation of about $550 million.

It will be big enough to be included in the Stock Exchange's Top 50 index.