This article is from the Australian Property Journal archive
THE ongoing takeover tussle for control on Vitalharvest Freehold Trust may be closer to an end, after the board of the Costa Group orchards landlord approved of Macquarie’s latest acquisition offer.
Landing on Friday morning, Macquarie’s offer – its sixth overall – is for $1.24 per unit, or for $344.4 million for all assets in the asset sale alternative.
It came in above rival Roc Partners’ offer for $1.23 per unit or $342.55 million for the assets.
Both offers permit the payment of the 2.5 cents per unit interim distribution for rent received over the first half of the financial year.
Yesterday, the Vitalharvest board stated to the ASX that it unanimously recommended that shareholders vote in favour of the Macquarie bid.
Macquarie made the first move for the trust late last year and has matching rights of five business days before an offer becomes fully binding.
Vitalharvest owns a $305 million portfolio of blueberry, raspberry and blackberry farms in New South Wales and Tasmania, and citrus properties in South Australia. All assets are leased to Costa Group until 2026.
ASX-listed Primewest last year acquired Vitalharvest’s external manager while taking an 11.8% stake that it has since built up. Primewest appeared set to use Vitalharvest as a springboard for a listed agricultural trust, but has been eyeing off a $350 million float of its agricultural trust that has just picked up vineyards and orchards in Victoria and South Australia.
Primewest is now set to merge with Centuria to form a $15.5 billion platform.
