- Macquarie’s real estate fund has beaten off stiff competition as the Vitalharvest Freehold Trust (VTH) board recommends its takeover bid
- Vitalharvest, an ASX-listed A-REIT that invests across the agricultural supply chain, has been the subject of a bidding war between Macquarie and Roc Partners
- Following the fifth bid from Roc Partners for $1.23 per unit and a sixth Macquarie proposal for $1.24, the Vitalharvest board determined it is in the best interest of shareholders to accept the Macquarie proposal in absence of a superior proposal
- Macquarie’s real estate arm also increased its alternative offer to acquire all of the trust’s assets to $344.4 million
- Macquarie will pay a 2.5-cent interim distribution to unitholders
- Vitalharvest Freehold Trust dipped 0.39 per cent lower to trade at $1.27 per share
Macquarie’s real estate fund has beaten off stiff competition as the Vitalharvest Freehold Trust (VTH) board recommends its takeover bid.
Vitalharvest, an ASX-listed A-REIT that invests across the agricultural supply chain, has been the subject of a bidding war between Macquarie and Roc Partners.
Following the fifth bid from Roc Partners for $1.23 per unit and a sixth Macquarie proposal for $1.24, the Vitalharvest board determined it is in the best interest of shareholders to accept the Macquarie proposal in absence of a superior proposal.
The bid is also subject to the independent expert continuing to conclude that the MAFM Trust Scheme is fair and reasonable to, and in the best interests of VTH unitholders.
Macquarie’s real estate arm also increased its alternative offer to acquire all of the trust’s assets to $344.4 million.
Primewest Group, Vitalharvest’s largest shareholder backed the proposal from Macquarie to acquire the company in November 2020 after it lodged its first offer of $1 per unit.
However, Roc Nation threw its hat in the ring to create an enthralling takeover battle.
The two companies have been tussling for prime position, but after upping their bid on Friday, Macquarie won out in the end.
Roc’s fifth and unsuccessful offer was $1.23 per unit or $342.55 million for the assets.
Macquarie will pay a 2.5-cent interim distribution to unitholders.
The trust has four berry and three citrus properties spread across New South Wales, Tasmania and South Australia.
Vitalharvest Freehold Trust dipped 0.39 per cent lower to trade at $1.27 per share at 11:55 AEDT.