This article is from the Australian Property Journal archive
US giant Blackstone’s sweetened takeover offer for Investa Office Fund looks to have satisfied key stakeholder Investa Commercial Property Fund, which is now set to vote in favour of the proposal.
Investa Listed Funds Management Limited said ICPF has confirmed that it intended to vote all of its IOF units – a stake of more than 19.99% – in favour of proposal, two days after Blackstone upped its offer to $3.26 billion, from $5.25 per unit to $5.45 per unit, effectively $5.35 per unit once IOF’s second-half distribution is factored in.
Blackstone’s takeover attempt was set to be quashed by ICPF’s rejection, with 75% approval required from shareholders for it to go ahead.
ICPF planned to vote against the proposal with its 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.
Investa, meanwhile, had sought to adjourn the IOF shareholder meeting set for this Wednesday, at which the proposal would be voted on. ILFML had supported Blackstone’s bid.
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.
Australian Property Journal
