Hyprop reportedly launches rival bid for MAS to enter Romanian retail market

South African shopping mall developer Hyprop has launched a voluntary takeover bid for MAS PLC, seeking to acquire a majority stake in the retail property developer with extensive assets in Romania, according to Economica.net.

The move, disclosed in a filing with the Johannesburg Stock Exchange, follows a competing bid made earlier this month by Prime Kapital Investments (PKI), which already owns 21.8% of MAS shares.

MAS has partnered with PKI in recent years to develop a number of retail parks and shopping centres across Romania. Hyprop’s bid marks a strategic attempt to expand its operations into Eastern Europe and gain a foothold in the Romanian retail real estate sector.

The timing of the announcement, made public on May 29, comes just two weeks after PKI launched its own offer on May 14 to acquire the remaining shares in MAS. PKI proposed a fixed cash offer of EUR 0.85 per share, or alternatively, non-voting preference shares redeemable after five years, within the limits of a predefined acquisition budget.

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