Blackstone has increased its takeover bid for Investa Office Fund (IOF) to AUD3.3bn (€2.04bn) as it battles with Oxford Properties for control of the listed Australian vehicle.
The US private firm is now offering AUD5.62 per security for all of IOF shares - up by 17 cents from AUD5.45. The offer price takes into account forecast dividend payment of around 10 cents per security.
The cash offer is effectively AUD5.52 per security. It compares with the cash offer of AUD5.50 per security from Oxford Properties, which sought to outbid Blackstone earlier this week.
This is the second time that Blackstone has to raised its offer for IOF securities since making its initial offer in late May.
Blackstone submitted the new offer ahead of unitholder meeting in Sydney today to vote on its previous bid.
The meeting was called before the offer from Oxford Properties was received and before Blackstone made a counter bid.
Richard Longes, chair of IOF’s responsible entity, Investa Listed Fund Management Ltd, said the board had sought judicial advice from the Supreme Court of NSW to postpone the meeting to give directors sufficient time to consider the developments.
A new date for the adjourned meeting is yet to be announced.
Longes said: “The board intends to negotiate with Blackstone to give effect to the price increase and will provide unitholders with an update as soon as possible.”
He reiterated the board’s previous support for the Blackstone bid.
