Morningstar | Corporate Action: Vote in Favour of Oxford Properties' AUD 5.60 Takeover Offer for Investa
After a protracted takeover battle, an explanatory memorandum has been released on Oxford Properties Group's proposed acquisition of Investa Office Fund, by way of a trust scheme. The acquisition price is AUD 5.60 cash per unit, less any distributions paid by Investa Office Fund after Sept. 13, 2018. On the basis that Investa Office Fund is not expected to declare another distribution, we raise our fair value estimate to AUD 5.60, consistent with the offer price.We view the Oxford offer as full and fair and recommend eligible security holders vote in favour of the proposal on or before the scheme meeting scheduled for Dec. 4, 2018. A comprehensive explanatory memorandum will be mailed to eligible securityholders on or around Nov. 9.
The Directors of Investa Listed Funds Management Limited, or ILFML, the responsible entity of Investa Office Fund, unanimously recommend Investa Office Fund unitholders vote in favour of the proposal in the absence of a superior proposal. The independent expert appointed by ILFML has concluded likewise, assessing the Oxford proposal to be fair and reasonable, exceeding the Independent Expert’s assessed value range of AUD 5.49 to AUD 5.52 per Investa Office Fund unit.
Investa Office is a real estate investment trust formed by the stapling of the units in two Australian registered schemes, Armstrong Jones Office Fund and Prime Credit Property Trust. The principal activity of Co. is to own investment grade office buildings, generating rental and other property income. These properties are either owned directly or indirectly through the ownership of interests in unlisted entities.
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