abrdn Property Income board calls on shareholders to back Custodian merger

Wind-down 'less attractive'

The board of the abrdn Property Income (API) trust has come out in support of the merger with Custodian Property Income REIT (CREI) over the offer made by Urban Logistics REIT.

In a stock exchange filing today (14 March), the API board said, following assessments for both offers, the CREI proposal has a "compelling strategic and financial rationale" for the merger, "notwithstanding the volatility in the CREI share price during the offer period". Custodian Property Income amends terms with manager to sweeten abrdn Property takeover bid It has welcomed Urban Logistics' bid, but argued it will not recommend its proposals to shareholders if a firm offer was made. API chair James Clifton-Brown said the CREI merger "represents a strategically consistent and sig...