Lederer lifts stake in Elanor Commercial Property Fund to 36% as takeover offer closes
Make us a preferred source
Make us a preferred source on Google
The news: Family office Lederer Group has secured 35.82% of the voting power in the Elanor Commercial Property Fund ahead of the close of its takeover offer this evening.
The numbers: As of 10 October, Lederer Group had secured the 35.82% voting power in the Elanor Commercial Property Fund. That is up from 27.5% at the point of its initial takeover bid at the start of August.
Stapled security holders that accepted the offer on or before 26 September were paid 70 cents. Those who accepted the offer after 26 September have been paid 68.375 cents, which deducts the value of a September quarter distribution.
The context: The takeover offer opened in September and is scheduled to close at 7pm AEDT today, with the independent board committee for the Elanor Commercial Property Fund recommending that stapled security holders reject the offer.
Lederer’s takeover offer has been run through acrimonious circumstances, with both the suitor and the target exchanging critical commentary since August.
Financial and risk adviser Kroll Australia previously found that Lederer’s offer price was “neither fair nor feasible” to non-associated shareholders.
The source: ASX
