This article is from the Australian Property Journal archive
THAKRAL Holdings (ASX: THG) has gone into a trading halt pending an announcement that it might have secured a superior bid to trump Brookfield Asset Management's $410 million takeover offer.
Thakral said in a statement that it had undertaken “a process to obtain a superior proposal to the Brookfield officer of $0.70 cents per security”.
And the trading halt was requested “pending the release to the market of an update regarding the outcome of this process.”
Thakral will resume trading on Wednesday August 22, six days before Brookfield’s offer expires, at 7PM August 28.
Last week, PPB Advisory, the receivers in control of the Thakral family’s stake in Thakral Holdings accepted Brookfield’s offer. However the receivers said if a superior offer emerges, they reserve their right to change or withdraw their recommendation.
Tharkal’s independent expert Grant Samuel has valued the company between $0.88 cents and $0.96 cent, therefore Brookfield’s offer is 24% below the mid-point value.
But Brookfield told Thakral, that valuation is theoretical and is unlikely to be realised and said that its $410 million takeover offer is the best Thakral will get.
Brookfield pointed out that since it made its bid in April, no competing offer have emerged.
Property Review
