Blackstone doesn’t rule out upping its offer for Investa

Company News

by Anna Napoli

US private equity giant, Blackstone has not ruled out upping its offer for Investa Office Fund (ASX:IOF) despite rival bidder Oxford Properties Group obtaining a 19.99 per cent stake in the company.

Blackstone has today released a statement confirming it still has the ability to increase its offer price above $5.52 per unit.

The statement comes on the back of comments made yesterday by Blackstone Executive Vice Chair, Tony James on CNBC which implied Blackstone was out of the running for the funds manager.

Investa adjourned the shareholder vote on the proposed Blackstone scheme for a second time yesterday after Oxford Properties upped their offer to $5.60 per share on Thursday and announced they had secured a stake of 19.99 per cent of the funds manager’s share register, effectively given them a blocking stake to vote down the Blackstone proposal.

Their latest offer is 8 cents more than Blackstone's.

Investa has also granted the Oxford team access into the data room for due diligence.

Shares in Investa Office Fund (ASX:IOF) are trading 0.18 per cent lower to $5.53
 

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.