Unit holders reject Dexus’s $2.1b offer for Investa Office Fund

Dexus Property Group’s A$2.7 billion ($2.1 billion) bid for Investa Office Fund was rejected at a Friday meeting of unit holders.

One of the resolutions put forward didn’t get enough support to proceed, the fund’s responsible entity said in a statement to the Australian stock exchange Friday. Just 61 percent of unit holder votes were cast in favor of a resolution that required a 75 percent majority, according to the statement.

While Dexus’s bid was recommended by its independent board of directors, manager Investa Office Management had asked unit holders to reject the offer. Dexus’s offer, which included cash, stock and a distribution, was valued at A$4.37 a unit, based on the bidder’s closing share price on Thursday.

A move this week by Cromwell Property Group to acquire a stake in IOF also complicated the transaction, and the deal was also the subject of a ruling from the Australian Takeovers Panel. Last week it ordered additional disclosures from the manager over a proxy form that it said was likely to mislead or confuse unit holders.

IOF shares rose 0.7 percent on Friday to A$4.10 as of 1 p.m. in Sydney, while Dexus was 0.5 percent lower at A$8.18.

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Bloomberg

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.