India, July 31 -- LondonMetric Property PLC (LMP.L) and Schroder Real Estate Investment Trust Ltd. (SREI.L) said on Friday they have agreed to acquire Picton Property Income Ltd. (PCTN.L) in an all-stock transaction worth about £404 million.
Under the terms of the transaction, Picton shareholders will receive 0.190 new LondonMetric shares and 0.894 new SREIT shares for each Picton share they own.
Based on LondonMetric's closing share price of 198.0 pence and SREIT's closing share price of 45.9 pence on July 30, the offer values each Picton share at 78.70 pence, representing a 7% premium to Picton's previous closing price.
After concluding the deal, Picton shareholders will hold roughly 4% of LondonMetric's enlarged share capital and...