Sidney-based Investa Property Group said on Wednesday that its shareholders have approved a AU$4.7 bn (EUR 2.8 bn) takeover bid by Morgan Stanley. The offer values Investa shares at AU$3.08 each. Investa's shares were last traded at AU$2.99.
Sidney-based Investa Property Group said on Wednesday that its shareholders have approved a AU$4.7 bn (EUR 2.8 bn) takeover bid by Morgan Stanley. The offer values Investa shares at AU$3.08 each. Investa's shares were last traded at AU$2.99.
'The Federal Court of Australia will now be asked to approve the Investa Share Scheme at a hearing to be held on 27 August in Sydney', the company said in a statement. If the Federal Court gives the go-ahead, the scheme will be implemented on 6 September.
This is the latest of a series of acquisitions by Morgan Stanley aimed at strengthening its presence in the Asia-Pacific region. In May, the US investment bank acquired a 3.4% stake in Japan's biggest developer Mitsubishi Estate for about $1.4 bn. Earlier this year, Morgan Stanley won the bidding for All Nippon Airways' 13 Japanese hotels in a $2.3 bn deal, the country's largest real estate acquisition.