Fonciere De Paris Jumps After Eurosic’s Takeover Bid for REITby
Fonciere De Paris SIIC rose to a record after Eurosic made an bid for the French real estate company.
The stock climbed as much as 21 percent to about 143 euros in Paris. Competitor Eurosic offered to buy the company on March 4 for 136 euros a share in cash, valuing it at about 1.4 billion euros ($1.5 billion). Shareholders will also receive a dividend of 9 euros a share, Eurosic said in a statement. Companies owning 79 percent of the stock have said they’ll accept the bid, according to the statement.
Created in 1985, Fonciere De Paris owns office buildings in and around the French capital, valued at about 2.56 billion euros, according to its website. The company’s shares have gained 29 percent this year.
Paris-based Eurosic was up 2.2 percent at 39.70 euros at 12:37 p.m., taking the advance for 2016 to 3.1 percent.