ALE Property Group receives acquisition bid

Company News

ALE Property Group (ASX:LEP) has received a takeover proposal from investment services company Caledonia Private Investments Pty Limited.
 
The property management company announced it had received an unsolicited, indicative and non-binding proposal from Caledonia to acquire up to 100 percent of ALE’s stapled securities by way of an all-cash takeover offer of $3.95 per stapled security.
 
Caledonia is ALE’s largest securityholder with a 25.84 percent interest in ALE’s issued securities.
 
The ALE Board told shareholders the offer would significantly undervalue the company and that ALE had advised Caledonia it will not be progressing with the proposal.
 
ALE Property Group recorded a net profit of $99.36 million at 30 June 2015.

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