This article is from the Australian Property Journal archive
PPB Advisory, the receivers in control of the Thakral family's stake in Thakral Holdings have accepted Brookfield's $0.70 cents per stapled security offer.
PPB Advisory said it has recommended that the security trustee accept the offer in the absence of a superior third party offer. And if a superior offer emerges, the receivers said they reserve their right to change or withdraw their recommendation.
Tharkal’s independent expert Grant Samuel has valued the company between $0.88 cents and $0.96 cent, therefore Brookfield’s offer is 24% below the mid-point value.
However Brookfield hit back at the valuation telling Thakral, that price is theoretical and is unlikely to be realised.
Brookfield has said that its $410 million takeover offer is the best Thakral will get and pointed out that since it made its bid in April, no competing offer have emerged.
Meanwhile Thakral continues to stand its ground yesterday despite the receiver’s recommendation. Thakral told its securityholders to reject Brookfield’s offer and said there are two weeks remaining on the offer period, which is scheduled to close at 7PM August 28.
Property Review
