Folkestone, Charter Hall merger to go ahead

The Federal Court of Australia has approved the proposed scheme of arrangement under which Charter Hall Limited will acquire 100 per cent of the ordinary shares in Folkestone.

A copy of the court’s orders would be lodged with the Australian Securities and Investments Commission (ASIC) on 23 October.

Following this, Folkstone would apply to suspend its shares from trading on the same date.

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The acquisition was first announced in August when Charter Hall Group announced it had agreed to buy fellow property group Folkestone for $205 million. The acquisition was to be funded by cash from available investment capacity, the firm said at that time.

Under the agreement, Folkestone shareholders were to receive $1.39 cash per share, comprising a Charter Hall cash consideration of $1.354 per share and a special dividend of $0.036 per share.

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