This article is from the Australian Property Journal archive
CANADA’S NorthWest Value Partners has lifted its takeover price for the ING Real Estate Healthcare Fund and as result, it has been allowed to conduct due diligence.
The board of ING Management Limited said following discussions, NorthWest has agreed to increase the price under its proposal to acquire all of the units in IHF for cash consideration, to $0.95 per unit plus distributions to 31 December 2010 estimated at 3.825 cents per unit.
NorthWest’s original offer price was $0.94 per unit, which represented a 4% discount to IHF’s 30 June 2010 net tangible assets per unit of $0.98.
IML said as a result of the increased offer, it has agreed to allow NorthWest access to undertake due diligence on an exclusive basis, however IML maintains that the proposal is conditional.
“IML is encouraged by the increase in NorthWest’s proposal price, however the proposal remains incomplete and as such IHF unitholders need take no action at this time,” IMG chairman Kevin McCann said.
Australian Property Journal
