360 Capital Management Group has reached the compulsory acquisition threshold for remaining shares in rival fund manager Australian Industrial REIT, following a lengthy play for control which began last year.
The suitor encouraged all remaining shareholders to accept its sweetened offer -- comprising 24.5c cash and 0.9 TIX units per share -- after reaching a 90.1 per cent interest on Friday.
360 Capital Management head Tony Pitt had been building his fund’s stake in the target since last year, before lobbing a formal, hostile offer in December. After a long-running battle, it gained control of the target earlier this month.
That now enables the suitor to create an estimated $800 million industrial fund.
Its offer will close at 5pm AEDT on October 26.