PRS REIT in talks with KKR about possible offer
PRS Reit (The) shot higher on Monday as it confirmed it is in talks with private equity firm KKR about a possible offer for the company.
In a brief statement in response to recent press speculation, PRS REIT said KKR "is participating in the company's strategic review and formal sale process" but that it has not made an offer.
It also said there can be no certainty that an offer will be made, nor as to the terms of any offer if made.
PRS also confirmed that real estate management firm Long Harbour has not withdrawn its possible offer for the group, which was announced in June.
"This possible offer remains subject to financing and due diligence," it said, adding that further announcements will be made in due course.
PRS REIT said on 11 June that under the terms of the possible offer from Long Harbour, shareholders would be entitled to receive 115p per share in cash.
It confirmed later than month that it was still in talks with Long Harbour.
At 1025 BST, the shares were up 9% at 106.80p.
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