Property tycoon Vincent Tchenguiz has made a A$1.13 bn (EUR 677 mln) unsolicited bid for Australia's Challenger Infrastructure fund (CIF). The A$3.50 (EUR 2.09) per share offer, unveiled by Tchenguiz on Tuesday, is being made through Australian investment vehicle Arkmile, a subsidiary of Tchneguiz's Consensus Business Group. CIF’s share price has slumped in recent months and the stock was trading at around A$2.38 before Tchenguiz’ bid.
Property tycoon Vincent Tchenguiz has made a A$1.13 bn (EUR 677 mln) unsolicited bid for Australia's Challenger Infrastructure fund (CIF). The A$3.50 (EUR 2.09) per share offer, unveiled by Tchenguiz on Tuesday, is being made through Australian investment vehicle Arkmile, a subsidiary of Tchneguiz's Consensus Business Group. CIF’s share price has slumped in recent months and the stock was trading at around A$2.38 before Tchenguiz’ bid.
CIF, which is managed by Challenger Management Services, said it 'will convene a board meeting shortly to consider the offer'. Australian newspapers said the fund's managing director, Steven Bickerton, is taking the offer 'very seriously.'
The deal would give the UK-based property magnate control of UK infrastructure assets including 23 % of UK gas network providers Southern Water, 9% of Wales & West Utilities, 66% of LBC Storage Terminals and 80% of Inexus.
Tchenguiz has built up a 20% stake in Challenger since November 2006.
