Australia's Newmark Property eyes best day on $162 mln takeover offer

Newmark Property Reit

24/01/2024 24:32

** Shares of Newmark Property Reit  NPR.AX  rise as much as
38.7% to A$1.345, on track for their best day, if gains hold 
    ** Stock hits highest level since June 13, 2023 
    ** Co receives off-market takeover offer from BWP Trust
 BWP.AX  to acquire all shares of Newmark 
    ** NPR says under offer NPR to receive 0.40 BWP units per
1.0 NPR security 
    ** Offer represents implied value of A$1.39 per NPR
security, with total equity value of A$246.8 mln ($162.47 mln)
for NPR 
    ** Shares of BWP Trust fall as much as 2.6% to A$3.380, to
hit their lowest level since Nov 29, 2023 
    ** Newmark stock down 4.9% this year, as of last close,
while BWP declined 1.7% 
   
   ($1 = 1.5191 Australian dollars)

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))