Prime Trust bid for B&B Communities Group
Prime Retirement and Aged Care Property Trust, has made a 40 per cent offer for a strategic stake in Babcock & Brown Communities Group (BBC), a listed entity of retirement and aged care facilities.
Prime Trust has lodged its bidder’s statement with the Australian Securities and Investments Commission, the Australian Securities Exchange and BBC. It has also sought approval from BBC for the early release of the bidder’s statement to BBC security holders.
Prime Trust managing director Philip Powell said the offer would give Prime Trust a strategic stake in BBC, “as directors believe it will encourage the creation of Australia’s largest senior living asset class with consequential efficiencies and capital market advantages”, he said.
According to Powell, once Prime Trust secures a holding in BBC, it will then pursue a full merger by way of a scheme of arrangement.
“The recent decision by B&B to sell its management rights to BBC has encouraged Prime Trust to offer for a strategic stake. We see the offer as being an attractive option for BBC Security holders who are awaiting the outcome of the ‘price discovery process’ currently in progress,” Powell said.
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