BREAKING NEWS
This content is not available in your region

Australia's Investa postpones meeting on Blackstone bid after rival ups offer

Australia's Investa postpones meeting on Blackstone bid after rival ups offer
FILE PHOTO: The logo for Australia's Investa Office Fund (IOF), a real estate investment trust, adorns the front of their office building in central Sydney, Australia, May 28, 2018. REUTERS/David Gray   -   Copyright  DAVID GRAY(Reuters)
Text size Aa Aa

(Reuters) – Australian office owner Investa Office Fund <IOF.AX> said on Friday it would postpone a shareholder meeting regarding a takeover offer from private equity firm Blackstone <BX.N> after receiving a rival bid.

The company said it intended to seek judicial advice to adjourn the meeting set for Sept. 17, where it intended to solicit shareholders over a takeover offer from Blackstone. A new date for the meeting was yet to be determined.

Investa also said it would engage with Oxford Properties Group over a possible binding proposal after the Canadian landlord sweetened its bid for the company on Thursday.

Oxford had offered A$5.60 for each share in Investa, A$0.10 higher than Blackstone’s offer and valuing Investa at A$3.35 billion.(1.84 billion pounds)

Blackstone had made a public A$3.08 billion play for Investa in May, and had increased its offer in August.

Then Oxford came in with a A$5.50 a share offer earlier this month. Trumping Oxford’s first approach last week by 2 cents, Blackstone suggested its A$5.52 bid would be “best and final, in the absence of a superior proposal”.

Under Australian takeover rules, bidders must wait four months to re-approach a target after declaring an offer unequivocally final.

A Blackstone spokeswoman in Sydney declined to comment.

(Reporting by Ambar Warrick in Bengaluru; Editing by Stephen Coates)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.