Australian Unity Office Fund receives all cash proposal from Starwood

Company News

by Anna Napoli

Australian Unity Office Fund (ASX:AOF) has received an unsolicited, indicative and non-binding takeover proposal from Starwood Capital Asia.

Starwood is offering a price of $2.95 per unit plus accrued ordinary course distributions up to the date of scheme implementation.

The proposal represents a 9.7 per cent premium to AOF's closing price of $2.69 on the 5th of October.

The proposal is subject to a number of conditions including AOF and Starwood entering into a Scheme Implementation Agreement and AOF shareholder approval.

AOF says it intends to grant Starwood a period of up to four weeks to complete its due diligence and finalise its proposal.

Should a scheme Implementation Agreement be entered into the Directors of AOF intend to unanimously recommend that shareholders vote in favour of the proposal.

Shares in Australian Unity Office Fund (ASX:AOF) are trading 6.32 per cent higher to $2.86.

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.