Cromwell Property Group
(ASX:CMW) has made a renewed attempt to take over the Investa Office Fund
(ASX:IOF), which owns some of Australia’s largest office towers.
Cromwell's offer is to acquire all the outstanding units in Investa which it does not already own at $4.85 per unit. All up, Cromwell’s latest bid is worth around $3 billion.
In April 2016, Cromwell bought a 9.83% stake in Investa - beating rival bidder Dexus Property Group
(ASX:DXS).
Investa says its independent directors have not yet formed a view on the merits of Cromwell’s proposal, but have advised its unitholders to take no action in the meantime.
Yesterday, Investa Office Fund shares closed 1.46% lower at $4.72.
