Macquarie's new bid heats up race for Vitalharvest (ASX:CTH)

Company News

by Michael Luu

The bidding war for berry and citrus farms landlord Vitalharvest Freehold Trust (ASX:CTH) continues to heat up, following Macquarie Agricultural Funds Management’s latest offer.

Macquarie has invoked its right to match competing offers in the race against Roc for lucrative farming assets under Vitalhavest’s management.

Macquarie has upgraded its bid by 3 cents to $1.19 per share, to challenge alternative investment firm Roc Partner’s offer.

The 10-year-old agricultural subsidiary of Macquarie has also presented Vitalharvest’s board with an improved alternative offer of $335.15 million for all of the assets

Vitalharvest has responded and entered the process of "assessing whether MAFM's further revised proposal will or is likely to provide an equivalent or superior outcome" for shareholders to Roc's proposal.

Both suitors have offered to cover the 2.5 cents per unit interim distribution from rental revenue generated to 31 December 2020. 

The arm wrestle between two investment firms have boosted Vitalharvest's shares by 1.67 per cent to $1.22