Investa receives $3.1B takeover bid from Blackstone

Company News

by Anna Napoli

Property trust Investa Office Fund (ASX: IOF) have received a $3.1 billion dollar takeover offer from global funds giant Blackstone.

Under the proposal shareholders will be entitled to $5.25 cash per share, which is a 13.2 per cent premium to Investa’s closing price of $4.55 per unit on 25 May.

The Directors of Investa say they intend to support the proposal and, that the offer represents an opportunity for shareholders to realise their investment in IOF for significant value and certainty".

The unsolicited non-binding proposal is still subject to an independent expert opinion.

Shares Investa Office Fund (ASX:IOF) are trading 9.29 per cent higher to $5.06.

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.