Bidder walks away after offer rejected by RDI board
Continuing the theme of abortive bids for UK shopping centre owners, Australian asset manager Cromwell Property Group has announced to the London Stock Exchange that it does not intend to make an offer for RDI.
The RDI board sat that since the initial unsolicited approach from Cromwell, it facilitated due diligence which resulted in a conditional proposal from Cromwell. The board considered the proposal to undervalue the company and its prospects and, as a result, it took the unanimous decision not to support a further period of due diligence.
RDI also received confirmation from Redefine Properties, its largest shareholder, that the proposal was unacceptable to it.