Capital Properties nears 50 per cent target

AMP Property Portfolio is nearing the minimum 50 per cent target in its takeover of Capital Properties.

Stephen Costley, AMP Property's general manager, said it now has 46.5 per cent acceptances for its offer of $1.48 per share. The deal, conditional on AMP reaching a minimum 50 per cent holding, closes on Wednesday.

Mr Costley urged shareholders to get behind the bid.

He warned the share price could fall sharply once the offer closes, and promised a "rigorous review of the existing assets, operations, policies (including dividend policy) and capital structure of Capital Properties" if the deal goes ahead.

Shares in Capital Properties last traded on Friday at $1.45.

- NZPA