MAS owned Moldova Mall in Romania, which underwent a redevelopment last year.
PKMI, a PKM Development subsidiary, said there was strong participation in its bid to acquire shares in the R15 billion JSE-listed Eastern and Central Europe commercial and residential real estate company MAS, but the offers were not accepted.
At the close on Friday, PKMI stated that it reviewed all offers received and determined that the pricing of the offers was not sufficiently attractive. The high level of participation was indicated by the fact that offers representing more than twice the bid size of up to 30 million MAS shares were received.
Accordingly, PKMI elected not to proceed with any acquisitions under the bid. No clearing price had therefore been established, and no shares would be acquired pursuant to the bid.
“PKMI appreciates the strong participation in the bid and the interest shown by MAS shareholders. PKMI remains committed to a disciplined approach to capital allocation and will continue to pursue opportunities to create long-term value where pricing is compelling,” the company said.
