India, Aug. 14 -- The boards of Unite Group PLC and Empiric Student Property plc have reached agreement on the terms of a recommended cash and share offer pursuant to which Unite will acquire the entire issued and to be issued ordinary share capital of Empiric. For each Empiric share held, the scheme shareholders will be entitled to receive: 0.085 new Unite shares and 32 pence in cash. The acquisition values each Empiric share at approximately 94.2 pence and Empiric's entire issued and to be issued share capital at approximately 634 million pounds.
Immediately following completion, Empiric shareholders will hold approximately 10 percent of the issued share capital of the enlarged Group and existing Unite shareholders will hold approximatel...