This article is from the Australian Property Journal archive
DESPITE already being rejected by Babcock & Brown Communities, Prime Retirement and Aged Care Property Trust is determined to break up the proposed BBC & Lend Lease relationship.
Prime Trust (PTN) said it had received acceptances from 267 BBC shareholders in respect of 1,265,979 of their shares, accepting the trust’s 40% proportional takeover offer for BBC.
Prime Trust’s managing director Philip Powell said the level of acceptances at this early stage of the offer is encouraging.
PTN has already lodged a complaint with the Takeovers Panel seeking orders for BBC to seek shareholder approval over its proposed deal with Lend Lease.
PTN said the BBC/Lend Lease transaction constitutes a frustrating action in relation to its takeover bid.
BBC this week said it will fight the challenge and that it already intends to seek shareholder approval.
BBC has told shareholders to reject the conditional 40% proportional scrip offer from Prime Trust, which at 47.5 cents is below Lend Lease’s 61 cents offer.
Australian Property Journal