ASX-listed real estate player Dexus (ASX:DXS)
has secured unanimous endorsement from APN Property Group (ASX:APD)
’s management board to acquire the $201 million property investment manager.
Under the agreement, Dexus will offer APN’s shareholders 91.5 cents for every APN share, which represents a total cash consideration of $320 million.
Dexus has reached a scheme implementation agreement with APN, which commits the company’s directors to advocate for the deal among shareholders. The company’s board currently accounts for 33 per cent of APN’s issued capital ownership.
APN’s largest shareholder, chairman Chris Aylward has also reserved the right for Dexus to secure a 19.9 per cent interest in APN securities exercisable in certain circumstances.
With the highest offer available for APN , Dexus is in pole position to take over the Melbourne-based firm with $2.9 billion in assets under management.
The $11.2 billion REIT believes the integration of APN into its real estate investment network will enrich the company’s property portfolio and diversify Dexus’ investor network, while APN’s executives will contribute depth of experience to the existing Dexus team.
Shares in Dexus (ASX:DXS)
are trading 1.8 per cent higher at $10.43, while APN investors seem to appreciate the takeover offer and have lifted the APN's shares by 47.54 per cent to 90 cents.