Charter Hall & Abacus improve AOF offer
Charter Hall and Abacus have responded to Australian Unity's revaluations by improving their offer for the REIT to $3.04 per unit, up 3% from the previous offer of $2.95.
The offer price under the new proposal will be reduced by any distribution announced or paid in respect of AOF other than the 3.95 cent per unit distribution announced on 21 June 2019.
A sign of pressure, Charter Hall and Abacus have indicated in the absence of a competing proposal to acquire AOF, the revised offer is their best and final offer.
The offer price of $3.04 cash per unit under the Improved Proposal represents a:
9.4% premium to AOF’s closing price of $2.78 on 3 June 2019 (the day prior to announcement of the Original Proposal);
11.8% premium to AOF’s 30 day VWAP of $2.72 up until 3 June 2019; and
9.0% premium to AOF’s unaudited 30 June 2019 NTA per unit of $2.79, which includes the combined impact of revaluing AOF’s entire portfolio and the mark-to-market of interest rate swap contract liabilities as at 30 June 2019.
The Board of the REIT are currently considering the proposal.