Charter Hall completes Folkestone acquisition
Charter Hall and Folkestone have announced that the acquisition has been completed, with the scheme of arrangement between Folkestone and its shareholders having been implemented.
The implementation followed earlier approval by the Federal Court of Australia in October.
In August, Charter Hall first announced its plans to buy fellow property group Folkestone for $205 million, with the acquisition to be funded by cash from available investment capacity.
Folkestone also said that all its shares were transferred to Charter Hall, with shareholders receiving $1.39 per fully paid share comprising:
- the bidder consideration of $1.354 cash for each Folkestone share held on the scheme record date, being 31 October 2018,
- the special dividend of $0.036 in cash for each Folkestone share held on the special dividend record date, being 26 October 2018.
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