News Shorts: Investa Office Battle Nears Endgame, APN Shareholders Back JCDecaux Deal

By Glenn Dyer | More Articles by Glenn Dyer

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Dare we say that the long-running $3.4 billion battle for control of the listed Investa Office Fund could be about to be decided in favour of the Canadian stalker?

Investa independent directors recommended that the offer price from Canada’s Oxford Properties is superior compared to the Blackstone proposal.

The IOF independent board has now issued a matching right notice to Blackstone, which gives Blackstone four business days to match the Oxford Proposal, expiring at 5pm on Thursday.

Blackstone has the right, but not the obligation, to submit a matching or superior offer to Oxford’s $5.60 for IOF, which is 8 cents higher than Blackstone’s $5.52.

Oxford has put its foot on up to 19.9% of Investa’s listed capital by striking an agreement to buy progressively the stake held IOF’s largest investor, the unlisted Investa Commercial Property Fund.

Oxford has been doing due diligence on Investa for the past few weeks after being cleared to do by the board on September 14.

And shareholders in APN Outdoor have voted in favour of the takeover offer from JCDecaux at a scheme of arrangement meeting yesterday.

Shareholders voted 99.93% in favour and the deal no goes to the Federal Court this Thursday in Sydney for the final stamp of approval.

If the court approves the deal, APN Outdoor shares will cease trading on Thursday evening.

The APN board declared a fully franked special dividend of 30 cents a share yesterday, payable Monday, October 29 with an October 22 record date.

This means shareholders will receive a total cash payment of $6.70 a share.

Glenn Dyer

About Glenn Dyer

Glenn Dyer has been a finance journalist and TV producer for more than 40 years. He has worked at Maxwell Newton Publications, Queensland Newspapers, AAP, The Australian Financial Review, The Nine Network and Crikey.

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