This article is from the Australian Property Journal archive
THE Australian Industrial REIT (ANI) has rejected 360 Capital's takeover bid, including the latest sweetener.
The independent board committee Fife Capital Funds Limited, the responsible entity of ANI, has completed a detailed review and concluded that the updated offer delivers unsatisfactory financial outcomes for ANI unitholders.
Fife independent chairman Rod Pearse said the updated offer also fails to provide a compelling or certain premium for ANI unitholders and management under 360 Capital Group changes the risk profile for ANI unitholders.
“360 Capital Group has unsatisfactory governance arrangements.
“For these reasons, the independent directors of the responsible entity, together with non-executive director John Hudson, recommend that ANI unitholders reject the updated offer,”
Pearse said Allan Fife, the managing director of Fife Funds, the ultimate owner of Fife Funds and has elected not to make a recommendation.
However each of the directors including Allan Fife currently intends to reject the offer for the units they own.
Pearse said independent expert, KPMG Corporate Finance, has also concluded that the updated offer is neither fair nor reasonable.
Australian Property Journal
