Real Estate Investment Trusts | Madrid, Spain | Corporate Acquisition
Spain's Inmobiliaria Colonial has bid €18.50 per share in cash to acquire rival office property manager Axiare Patrimonio. The takeover offer values Axiare at €1.46 billion, per Reuters, and represents a 13% premium to the company's closing share price on Friday. Colonial already owns a 29% stake in the target. Shares of Axiare (MCE: AXIA) jumped 12% Monday.