This article is from the Australian Property Journal archive
ASIA Pacific Data Centre Group has recommended shareholders accept 360 Capital Group’s fully funded takeover bid of $1.95 per security, in the latest chapter of the ongoing tussle for the $200 million data centre operator.
Rival suitor NextDC – the sole occupant of each of APDC’s three sites – has in response upped its stake in APDC from 23.78% to 29.10%.
In a statement to the ASX, APDC confirmed its preference for 360 Capital’s latest bid above NextDC’s most recent offer of $1.87 per security. It had rejected 360 Capital’s initial $1.95 per security offer, which relied on 65cps coming from APDC’s own capital distribution.
“Subject to reviewing the 360 Capital bidder’s statement, the board expects that it will recommend APDC securityholders accept the 360 Capital offer, in the absence of a superior proposal,” APDC said.
360 Capital’s own statement said the group “notes recent statements by NextDC suggesting that the offer may not proceed.”
“These statements appear to be made with the intention of encouraging AJD securityholders to accept the inferior buy alprazolam pills Nextdc Offer. However they are not reflective of 360 Capital’s obligations under the Corporations Act and are entirely misleading.”
APDC left the door open for 360 Capital last week after encouraging its $1.95 per share offer to be fully funded. The ongoing tussle began in May, when 360 Capital acquired a 19.8% stake in the data centre group and a subsequent bid for a board position failed. NextDC upped its share in APDC in a bid to block any moves from 360 Capital.
“360 Capital believes data centres as a real estate class are very exciting and that the facilities in AJD are world-class, leased to a proven operator in NextDC,” the group said in Wednesday’s ASX statement.
NextDC’s offer values APDC at $215 million.
APDC took a swipe at 360 Capital in its annual report for “significant expenses” incurred as a result of engaging in a third party engagement process following its takeover approach.
Australian Property Journal
