From 360 page 2, takeover offer 26/9/2017:
"Depending on the acceptances under the takeover, the Group has sufficient cash to fund the acquisition of up to 64.5% of all AJD securities before any loan will be drawn. Furthermore, if the Group does get control of AJD, it will seek to implement its strategy of undertaking a $0.65 per AJD security capital distribution which will repay the loans outlined above (if they are drawn upon)"
Part control means 50% plus 1 unit, but to get the special resolution through for the capital distribution they will need 75%. On that basis, I am not sure if they can use the Bankwest facility to get past 64.5%, how will they repay it. So the deal looks risky and could end up in a stalemate with the unit price falling.
Dont know what MUFJ are doing as they have not increased their stake.
These are just properties and the offer on the table is a fair way above nta. It would be different if it was a business with possible double digit earnings growth. It is unlikey someone will come over the top now.
The 360 offer is the only one on the table and the unit price will fall a fair bit if it is withdrawn.... it is definitely as you describe, a 'bird in the hand' dilemma for unit holders, but hey no one ever went broke taking a profit.
Cheers
.
AJD Price at posting:
$1.95 Sentiment: Sell Disclosure: Not Held
