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The Astro Japan Property Group share price just rocketed 12%

The Astro Japan Property Group (ASX: AJA) share price has been one of the biggest movers on the market today.

In afternoon trade the property company’s shares are up 12% to $7.11.

What happened?

After the market closed yesterday Astro Japan announced an agreement to sell its property interests to funds managed by Blackstone Real Estate for a consideration of $7.18 per share.

If successful Astro Japan will be wound up and delisted from the Australian share market.

In addition to the proposed consideration, shareholders will also receive the half-year dividend of 21 cents per share which is payable at the end of August.

Furthermore, they will also receive distributions estimated to be 14 cents per share upon the successful wind up of the company. This is expected to be paid to shareholders in January.

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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.