Commercial property investment group 360 Capital has extended its hostile takeover offer for Australian Industrial REIT, after a shareholder vote on Monday failed to deliver support for the off-market bid.
Renewing its cash and scrip offer of 0.9 of a 360 Capital Industrial Fund share and 4.5 cents cash per ANI share until 5pm (AEST) on June 3, the suitor again spruiked the deal as offering more certainty, an earnings premium and tangible synergies for investors.
At Monday’s ballot, almost 59 per cent of votes -- or 98 per cent of units not held by 360 Capital Industrial Fund -- voted against the deal.
ANI manager Fife Capital has previously outlined concerns around the level of disclosure in 360 Capital’s bidder’s statement.
It had advised investors take no action on the bid, which would create a listed investment vehicle with combined assets worth close to $1 billion.
At the last traded price the offer implied a value of $2.26 per share in cash and scrip, with an extra sweetener of 10 cents cash per share pledged to accepting shareholders. ANI shares closed yesterday at $2.35.
Disable inline blocks
Author
Quick Summary
Associated image
