Investa Office Fund commences matching rights process

Company News

by Anna Napoli

Oxford Properties Group has moved one step closer to its takeover of Investa Office Fund (ASX:IOF) with Investa confirming the Canadian companies offer as superior to Blackstone's.

But Blackstone is not out of the running yet, today the Investa announced the commencement of the matching rights process, which gives Blackstone four days to match the Oxford proposal.

Blackstone has the right but not the obligation to submit a superior proposal.

Oxford lobbed a $5.60 cash per share offer in September after obtaining a 19.99 per cent stake in the fund.

The bid is 8 cents above Blackstone's last offer earlier last month.

Shares in Investa Office Fund (ASX:IOF)  trading 0.2 per cent higher at $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.