This article is from the Australian Property Journal archive
US giant Blackstone has upped its acquisition bid for Investa Office Fund to $3.26 billion in response to major IOF shareholder, the unlisted Investa Commercial Property Fund’s plans to vote against the takeover.
Blackstone was widely expected to up its offer of $5.25 per unit by around 5 cpu to 10 cpu, but has exceeded that with a $5.45 per unit offer, which effectively becomes $5.35 per unit once IOF’s second-half distribution is taken into account.
ICPF was set to use its 19.95% stake to vote against the proposal, with the vote set for August 29, and on-sell around half of those shares to Oxford, owner by the $100 billion Canadian pension fund OMERS, should the Blackstone bid be rejected.
ICPF’s move had all but quashed the takeover, with 75% approval required from shareholders for it to go ahead.
ICPF had sought to avoid legal concerns over its eligibility to vote, offloading a 50% stake in IOF’s property manager to the property arm of Macquarie Capital last week.
Investa Listed Funds Management Limited, the responsible entity of IOF, reaffirmed its support for Blackstone’s proposal, having supported the initial bid.
Australian Property Journal
