Australian Unity have rejected a second offer from Canadian giant Northwest suggesting that Australian Unity believe there is more value to be added to the portfolio.
Australian Unity received a revised conditional, non-binding and indicative proposal from NorthWest to acquire 100% of the units in Australian Unity Healthcare Property Trust on 12 March 2021. The offer price of $2.351 per wholesale unit was an increase of ~7% over the implied offer price of NorthWest’s Initial Proposal. The current unit price is circa $2.1865.
The Board of the Trustee (AUFM) had rejected the initial proposal and has again rejected the revised proposal stating that it felt it was not in the interests of unit holders as it significantly undervalues AUHPT, having regard to the current and expected future value of the portfolio and benefits it could deliver to a potential acquirer. The Board also noted that the offer remained highly conditional.
AUFM is separately considering a range of options to further enhance unitholder value and has engaged with
counterparties and other stakeholders associated with, and highly important to the ongoing operations of, AUHPT.
AUHPT is the last remaining, scale portfolio of hospital and healthcare assets in the Australian market that remains owned by Australian investors.
Related Articles
