'Right at the bottom of the market': Elanor blindsided by Lederer takeover offer
The executive at the centre of a takeover tussle involving one of Sydney's prominent family offices has made his most candid comments on the situation to date.
Elanor Investors Group managing director Tony Fehon says he was blindsided by hostile takeover bid for one of its funds by the family office of billionaire Paul Lederer and suggested that if the suitor succeeds it will be getting a bargain.
Last week, Lederer Group made a 70 cents per share bid, worth around $285 million, for Elanor Commercial Property Fund (ECF). The Lederer Group listed a number of grievances against the fund to justify the offer. Elanor has since hit back at what it says were “factually incorrect” assertions.
“We were [surprised with the proposed offer] because we talked about stabilising Elanor straight away and with all of our discussions with them it had been all about ‘well if you can stabilise your balance sheet and so one, then that’s good’,” Fehon told Capital Brief.
The Lederer Group was founded by billionaire Paul Lederer who was the former chief executive of Primo Group and co-owner of soccer club Western Sydney Wanderers.
