Federation Centres has moved closer to its all-scrip purchase of listed property group Novion, after gaining court approval and an independent expert’s tick for the deal.
In an update to the market, Novion said independent expert Grant Samuel & Associates found the deal fair, reasonable and in the best interests of Novion shareholders.
The Supreme Court of NSW has also cleared the tie-up, which is set to create a formidable $22 billion real estate investment trust, with a market capitalisation exceeding $11bn.
The 0.8225 share offer, which values Novion at $2.55 per share, has been unanimously backed by Novion’s board, and majority shareholder The Gandel Group has also backed the deal, in the absence of a superior proposal.
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All-scrip deal will be put to shareholders after gaining independent expert's tick, court approval.
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