This article is from the Australian Property Journal archive
360 Capital is again chancing its arm at a takeover of ASX-listed Irongate Group, throwing down an enhanced offer for the office and industrial real estate landlord.
Irongate is fresh from completing a $50 million institutional placement that will be used to partly fund its $130 million acquisition of a half-stake in a Melbourne city fringe office building.
It has already rebuffed its major shareholder 360 Capital twice, saying previous offers undervalued the group, but has not been so aggressive this time around.
360 Capital’s revised non-binding indicative proposal is 7.2% higher than its original indicative proposal. It is offering to acquire all of the stapled securities it does not own for $1.72 per security cash.
“The IAP board is considering the revised indicative proposal with the assistance of its advisers,” Irongate said.
“The IAP board is committed to maximising securityholder value and will appropriately consider a proposal that is consistent with this objective.”
Irongate has also recently sold off the Canberra building at the centre of Plan Mercator – designed to protect the Prime Minister and cabinet, Governor-General as well as maintain government operations in the event of a catastrophic attack or national security attack on the national capital – for $36 million to Charter Hall.
Mid-year, it had bought the federal government’s audit office building for $73,750,000.
