The Board of the Australian Unity Office Fund has given Aliro Group a further two weeks to complete its exclusive due diligence of the Fund and proceed with their takeover offer.
The non-binding, indicative proposal from Aliro Group (3rd June), was on behalf of the Aliro Group Office Value Fund and included the acquisition of all the issued units in AOF for $2.45 cash per AOF unit, by way of a trust scheme.
The AOF independent board committee provided Aliro with a 4 week exclusive due diligence period which amongst other things required Aliro to work in good faith to diligently pursue the Proposal at a price per AOF unit not lower than the Offer Price.
After market on 30 June 2022, the AOF Board received correspondence from Aliro requesting a two week extension to the Exclusivity Period. Aliro also advised that within this extended two week period Aliro intends to revert with an updated Proposal.
Aliro did not state whether the updated Proposal would be lower or higher, however the Board accepted the request and has granted a 2 week extension.