PropertyLink enters BIA with ESR
Propertylink Group announced this week that it has entered into a binding Bid Implementation Agreement (BIA) with ESR in relation to ESR’s proposal to acquire all Propertylink securities by way of an agreed off-market takeover bid for cash consideration of $1.201 per security.
The Offer is conditional upon a number of matters set out in the BIA, including;
minimum acceptance of at least 50.1% of all Propertylink securities (on a fully diluted basis),
no material adverse change,
no prescribed occurrences,
no regulatory action or material acquisitions, disposals, capital expenditure or change in the conduct of business.
ESR has confirmed that it has received notification from FIRB that the Australian Government has no objection to the Offer in terms of its foreign investment policy and the Offer is therefore not conditional on obtaining foreign investment approval.
The Propertylink Board unanimously recommend acceptance of the Offer, in the absence of a superior proposal and subject to KPMG, acting as an independent expert, opining that the Offer is fair and reasonable to Propertylink securityholders not associated with ESR.
Also this week, the EGM called by Centuria to force a change of the directors of the Board was held. Of the total 602 million Propertylink securities, the resolutions to change the Directors was defeated by approx 231 million securities or 99% of the voting securities.