Irongate (ASX:IAP) rejects revised bid from 360 Capital

Irongate (ASX:IAP) has rejected the latest takeover offer from 360 Capital to acquire all shares in the real estate group.

The news comes after 360 Capital offered to buy all the shares in Irongate which it doesn’t already own for $1.72 per share, which represented a 7.2 per cent increase from 360’s first bid, and a 3.9 per cent increase from its second bid.

Irongate’s board unanimously concluded that the revised proposal continues to undervalue the company and therefore does not represent a compelling proposition for shareholders.

Shares in Irongate (ASX:IAP) are trading 0.9 per cent lower at $1.70.