Challenger Limited (ASX:CGF) has launched an unconditional and final cash offer to buy Challenger Diversified Property Group (ASX:CDI).
Challenger currently holds a 59 per cent stake in the property group and is offering $2.74 for every share in the company that it does not already own.
Challenger believes the acquisition will offer the property group’s shareholders meaningful liquidity at a price above market value.
Challenger Diversified Property Group’s independent directors have unanimously recommended its shareholders accept the offer.
Challenger reported a net profit of $187.3 million in the first half of the 2013 calendar year.
