The board of Green Property announced this morning that it has accepted a cash offer worth €1.05 billion from its managing director, Mr Stephen Vernon, for the company.
The offer values each Green Property share at €9.80 and represents a discount of approximately 4.1 per cent to the adjusted Net Asset Value per Green Share of €10.22 as at December 31st 2001.
The offer was made on behalf of Rodinheights, the company controlled by Mr Vernon.
Speaking on behalf of the independent directors of Green who accepted the offer Mr Ray MacSharry, chairman of Green Property said: "After careful consideration, we are pleased to recommend the offer, which we believe is attractive for Green Shareholders as it provides them with an immediate and certain opportunity to realise their investment at a fair price."
Shares in Green Property jumped over 4.3 per cent this morning in Dublin. By 10 a.m., they were up 40 cent to €9.70.