Partner Article

Grainger deal edges closer

THE UK’s largest residential landlord, Grainger, has reached an agreement in principle to acquire a firm which owns and manages £500m worth of properties.

Under the preliminary agreement between the Newcastle plc and Bedford-based Sovereign Reversions, the expected consideration payable would be 202p per Sovereign share in cash.

The offer may be implemented by offer to all shareholders of the business or by a scheme of arrangement.

In December, Bedford-based Sovereign’s interim results for the six months ended 31 October 2009 said that loss for the period was £978,000.

This was posted in Bdaily's Members' News section by Ruth Mitchell .