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Shaftesbury PLC - London West End property investor - UK Competition & Markets Authority says it is considering whether proposed merger between Capital & Counties PLC and Shaftesbury PLC will result in a "substantial lessening of competition". CMA invites comments from any interested party. Deadline December 2.
Two companies agreed in June final terms for their all-share merger which would create a London-focused property investor. Shaftesbury shareholders will receive 3.356 new CapCo shares for each Shaftesbury share held, giving Shaftesbury shareholders a 53% stake in the combined company and Capco shareholders 47%. In October the companies confirmed that they were in "customary pre-notification discussions" with CMA.
In a June-October trading update, CapCo said its investment in Shaftesbury shares was valued at £357 million based on a share price of 368 pence per share on September 30, down 29% from £506 million as at June 30 based on a price of 522p a share.
Shaftesbury current stock price: 384.50 pence each, down 2.2%
12-month change: down 41%
Capital & Counties current stock price: 109.50 pence each, down 1.1%
12-month change: down 35%
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