This article is from the Australian Property Journal archive
MIRVAC has increased its takeover offer for Mirvac Real Estate Investment Trust.
Under the revised offer, MRZ Unitholders now have a choice of either:
· $0.55 cash per MRZ Unit up to 20,000 MRZ Units plus 1 Mirvac Security for every 2.6 MRZ Units in excess of 20,000 MRZ Units (Cash and Scrip Option); or
· 1 Mirvac Security for every 2.6 MRZ Units (Scrip Option).
The revised offer represents a 10.0% increase in the cash and the script option represents an increase of 7.1%.
Chairman Paul Barker welcomed the revised offer from Mirvac and believes this is a superior proposal.
Meanwhile the Independent Directors reaffirm their recommendation and encourage MRZ Unitholders to vote in favour of the resolutions, in the absence of a superior offer.
Mirvac said it continues to believe that the proposal is highly attractive to MRZ unitholders given the downside potential and significant uncertainty that has arisen due to MRZ’s asset rationalisation program and MRZ’s current earnings, funding and liquidity challenges.
“Mirvac looks forward to welcoming MRZ unitholders to become part of the Mirvac growth story,”
Australian Property Journal
