I-RES REIT takeover bid: Barings seeks deadline extension

One more day to decide

Barings had been due to make its decision today but requested a short extension, which was approved by the panel. 

I-RES REIT, Ireland’s largest private residential landlord, announced the revised deadline in a statement this morning.

The proposed deal would see Barings pay €1.386 for each share, putting the company’s value at approximately €726.88m.

I-RES REIT owned 3,627 rental properties in and around Dublin last year.

Under takeover rules in Ireland, Barings must now decide whether to formally commit to making an offer or withdraw from the process. 

Potential bidders are required to either “put up” by confirming their intention to proceed or “shut up” and walk away. 

Those who withdraw after the deadline can be barred from making another approach for a specified period.

The extension gives Barings another day to consider its options, but it does not mean a takeover is guaranteed. 

I-RES REIT said there is no certainty that the asset manager will make a formal offer, RTÉ reports.