Investa postpones meeting for raised offer
Office owner Investa Office Fund says it plans to postpone a shareholder meeting regarding a takeover offer from private equity firm Blackstone after a rival upped its bid.
The company says it intends to seek judicial advice to adjourn the meeting set for Monday, at which it intended to solicit shareholders over Blackstone's bid.
Investa says it will engage with Oxford Properties Group over a possible binding proposal after the Canadian landlord sweetened its takeover bid for the company on Thursday.
Oxford had offered $5.60 for each share in Investa, 10 cents higher than Blackstone's offer and valuing Investa at $3.35 billion.
Blackstone had made a public $3.08 billion play for Investa in May, and had increased its offer in August.
Then Oxford came in with a $5.50 a share offer this month.
Trumping Oxford's first approach last week by 2.0 cents, Blackstone suggested its $5.52 bid would be "best and final, in the absence of a superior proposal".
Under Australian takeover rules, bidders must wait four months to re-approach a target after declaring an offer unequivocally final.
A Blackstone spokeswoman in Sydney declined to comment.
Back to Breaking News