Propertylink enters into Bid Implementation Agreement with ESR

Company News

by Anna Napoli

Propertylink (ASX:PLG) has entered into a binding implementation agreement whereby ESR Real Estate Australia will acquire all Propertylink securities which it doesn't already own.

The acquisition is by way of an agreed off-market takeover.

The cash consideration for the deal is $1.20 per security.

The agreement follows the completion of ESR's due diligence on the company.

The offer price represents a 14.3 per cent premium to the closing price of Propertylink shares on the 20th of September 2018.

The offer is conditional upon a number of conditions including minimum acceptance of at least 50.1 per cent of all Propertylink securities.

The Propertylink board has unanimously recommended that shareholders accept the offer.

Shares in Propertylink (ASX:PLG) are trading 0.42 per cent lower to $1.18.