Commercial property investment group 360 Capital has again extended its hostile takeover offer for Australian Industrial REIT, ramping up its language on the merits of a deal.
It is the second time 360 Capital has extended the length of its bid, following after a shareholder vote on May 25 which failed to deliver support for the off-market play.
Extending 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 10, the suitor said its own improved earnings forecast meant a deal would bring shareholders a full-year dividend of 10c per unit. ANI is forecast to pay a full-year dividend of 9.6c.
360 Capital currently holds a beneficial interest in around 31 per cent of ANI units on issue.
At last month’s shareholder 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 outlined concerns around the level of disclosure in 360 Capital’s bidder’s statement.
It has advised investors take no action on the bid, which would create a listed investment vehicle with combined assets worth close to $US1 billion.