AOF Issues Takeover Memo4 October 2019
Australian Unity Investment Real Estate Limited released the Explanatory Memorandum ahead of a unitholder meeting to consider the proposal by Charter Hall and Abacus to acquire all the units of AOF that it does not already hold by way of trust scheme.
The independent board committee (IBC) established by the AOF Board appointed Deloitte Corporate Finance as the Independent Expert to provide an opinion on the Scheme. Deloittes determined that the Scheme is fair and reasonable and is in the best interests of AOF unitholders and as such the Independent Directors unanimously recommend that AOF unitholders vote in favour of the Scheme, in the absence of a 'superior proposal'.
The Explanatory Memorandum and Notice of Meeting is available here. With a $668.4 million portfolio of office towers, the Australian Unity-run fund opened the door in July to Charter Hall and Abacus Property Group to conduct due diligence after the consortium sweetened its all-cash takeover bid which was finalised at a price of $3.04 per unit valuing the trust at $494.9 million. Unit holders will make a decision at a meeting to be held on the 7th November 2019.