Investa Office Fund
(ASX:IOF) has updated its shareholders about its potential takeover by Cromwell Property Group
(ASX:CMW).
The commercial real estate company, Investa, has not been able to agree with Cromwell when it comes to its Confidentially Agreement (CA).
Investa says its board does not believe Cromwell's additional exceptions to the standstill provision are market standard, or in the best interest of all IOF's shareholders.
Investa remains open to talks with Cromwell.
Should a CA be agreed upon, it will provide Cromwell with due diligence and confidential information so Cromwell will be in a position to make an attractive all cash proposal.
Investa Office Fund reported a net profit of $493.80 million at 30 June 2016.
