AMP Capital Investors has announced that it has approached listed real estate funds management business MacarthurCook with a takeover proposal worth $31 million.
AMP Capital is offering $1.35 per share for all issued ordinary shares in MacarthurCook, which has been valued at $31 million.
According to AMP, this “represents a 69 per cent premium to its closing price of 80 cents per share last Friday, which was the last trading day before the proposal was submitted”.
Since the announcement, MacarthurCook shares have rebounded gaining 20 cents to the dollar, after suffering months of a declining share price.
AMP Capital has also been negotiating with MacarthurCook’s largest current shareholder, Ascalon, which holds a 18.37 per cent stake in the firm and confirmed they have entered into a pre-bid agreement. Ascalon is co-owned by St George Bank and Kaplan Equity.
MacarthurCook is currently considering the proposal, which is subject to a number of conditions including satisfactory due diligence and a board recommendation.
