Praxis withdraws from potential Capital & Regional takeover

Praxis Group announced on Tuesday that it would not proceed with its potential offer to acquire Capital & Regional.

The company had announced in July that it was interested in a possible acquisition of the real estate investment trust.

It said the formal withdrawal could be revisited under certain conditions, including securing agreement from Capital & Regional’s board, if another party such as NewRiver REIT made a formal offer, if Capital & Regional initiated certain corporate actions like a Rule 9 waiver or a reverse takeover, or if a significant change in circumstances arose, as determined by the Takeover Panel.

At 0857 BST, shares in Capital & Regional were down 7.43% at 63.88p.

Reporting by Josh White for Sharecast.com.