This article is from the Australian Property Journal archive
INVESTA Listed Funds Management Limited, the parent entity of Investa Office Fund, is looking to adjourn the IOF shareholder meeting scheduled for Wednesday, at which Blackstone’s takeover bid for the fund would be voted on.
Blackstone sweetened its offer on Wednesday to $3.26 billion, in response to major IOF shareholder, the unlisted Investa Commercial Property Fund’s, revealing that it planned to vote against the proposal with its 19.95% stake and on-sell around half of those shares to Oxford, owned by the $100 billion Canadian pension fund OMERS, should the Blackstone bid be rejected.
That had all but quashed the takeover, with 75% approval required from shareholders for it to go ahead. Blackstone’s new bid requires ICPF issuing a public statement by no later than close of business today that it intends to vote in favour.
Blackstone was widely expected to up its offer of $5.25 per unit by around 5c to 10c, but 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.
“ILFML intends to seek judicial advice to approve adjournment of the IOF unitholder meeting (currently scheduled for Wednesday, 29 August 2018) and to release supplementary disclosure so that IOF unitholders are given adequate time to consider the price increase by Blackstone,” it said.
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.
IILFML said yesterday it does not believe ICPF is restricted from voting on the proposal, after receiving legal advice. It also reaffirmed its support for Blackstone’s proposal, having supported the initial bid.
Australian Property Journal
