Glenstone REIT PLC increased its ownership in Alternative Income REIT PLC (AIRE) to 29.9% from 25.4%. Glenstone is now the largest shareholder in the company, which also operates as reAlpha Tech Corp.
The firm is urging shareholders to accept its cash offer of 71.4 pence per share. The deadline for shareholders to accept the current offer is next Friday.
This move follows the withdrawal of a competing bid from AEW UK REIT PLC. AEW cited Glenstone's opposition as the primary reason for withdrawing its acquisition proposal.
AIRE’s board previously claimed Glenstone is seeking control without an adequate premium to net asset value. Glenstone will not make further market purchases until the offer becomes unconditional.