ESR has crept closer towards an unconditional takeover of ASX-listed Propertylink, boosting its holding in the group to more than 48%.
The Warburg Pincus-backed, Singapore-based ESR extended its $723.4 million takeover proposal for ASX-listed Propertylink until the end of February, and declared it is the best and final offer in the absence of a superior proposal, as what appeared to be a done deal late last year draws out further.
While ESR’s offer becomes unconditional should it secure more than 50%, Centuria holds a 19.5% stake in Propertylink and could still stand in the way of a complete acquisition,
With the announcement of its half-year results, Centuria group chief executive officer John McBain last week said it would “keep the market updated with our intentions in regard to the stake and our ongoing capital management strategies in accordance with our continuous disclosure obligations”.
Australian Property Journal