US offer on MacarthurCook fund
MacarthurCook Fund Management limited has received a proposal from a US real estate investment trust for control of the MacarthurCook Industrial Property Fund.
MacarthurCook Limited revealed the proposal to the Australian Securities Exchange (ASX) yesterday, naming the US trust as the HRPT Properties Trust (HRP).
It said the proposal involved unitholders receiving a cash price of approximately 41 cents per unit, comprised of a cash offer by HRP to acquire 100 per cent of the units for 40 cents per unit and an estimated special distribution of not less than 1 cent per unit.
The offer from HRP follows on from efforts by the MacarthurCook Fund Management Board to maximise unitholder value, with the board stating to the ASX that it believes the proposal is worthy of consideration.
Moves to deal with the fund followed from MacarthurCook Limited being acquired by AIMS Financial Group last year.
It said a Special Board Committee believed the proposal might be attractive to unitholders because it provided a cash exit at a 36 per cent premium to the fund’s 10-day volume-weighted average price to 30 April, this year.
The announcement said that the board had entered into a scheme implementation arrangement with HRP to enable the proposal to be put to unitholders.
AUTHOR
Mike Taylor
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