ESR Extends Offer Period

24 January 2019

ESR has confirmed that its $723 million takeover offer for the listed Propertylink is its best and final price and extended the offer to unitholders to accept the proposal until the 28th February. So far, ESR have secured 32.5% of the units. Completion of the takeover is subject to securing at least 50.1 per cent of the Propertylink. One of ESR’s biggest hurdles is to win the support of Centuria Capital who continue to hold a 19.5% interest and have yet to take up the offer. ESR do however hold a 14.9 per cent stake in Centuria prompting suggestions that a Centuria deal is on the cards, with Centruia seeking seek assurances from the Asian group that it would not also seek to move on it. If Centuria accept the current offer, it also stands to make a return of about 19 per cent after spending about $122m on its stake in Propertylink. #Propertylink #ESR #Centuria