(Adds details on deal, background, and shares)
Jan 31 (Reuters) - Australia's Irongate Group (IAP) said on Monday it has received a A$1.29 billion ($901.45 million) takeover bid from a partnership managed by property investor Charter Hall Group (CHC) , topping a rejected offer by 360 Capital (TGP) .
The partnership, comprising Dutch pension fund PGGM and Charter Hall, made a bid of A$1.90 per share for the real-estate investor, representing a premium of 21% to the stock's closing price on Jan. 28.
Shares of Irongate soared 19.1% to a record high of A$1.87. The latest offer comes in higher than the revised bid of A$1.72 per share from 360 Capital, an Australian investment and funds management group, but was rejected for not "adequately reflecting the underlying value" of the company.
The Charter Hall proposal includes a memorandum of understanding with 360 Capital, and it contains a call option over 360 Capital's 19.9% shareholding in Irongate.
360 Capital did not immediately respond to a Reuters request for comment.
The Charter Hall-PGGM partnership expects to fund the proposed transaction from existing financial resources and new debt facilities.
($1 = 1.4310 Australian dollars)
(Adds details on deal, background, and shares) Jan 31 (Reuters)...
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Last
$21.70 |
Change
-0.070(0.32%) |
Mkt cap ! $10.26B | |||
| Open | High | Low | Value | Volume |
| $21.70 | $21.91 | $21.40 | $55.00M | 2.520M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 1062 | $21.59 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $21.70 | 500 | 1 |
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| CHC (ASX) Chart |