Investa delays vote on Blackstone offer to mull last-minute $2.4 billion bid

September 5, 2018

SYDNEY (Reuters) – Australian office landlord Investa Office Fund <IOF.AX> said on Wednesday it is adjourning a planned shareholder meeting that was set to vote on a takeover by Blackstone Group <BX.N> while it mulls the attractiveness of a higher rival bid.

Canada’s Oxford Properties Group lobbed a last-minute A$3.3 billion ($2.4 billion) offer on Tuesday, A$90 million higher than Blackstone’s. Investa said in a statement the meeting, set for Thursday, would be adjourned so that offer could be considered.

Blackstone, in a letter to Investa that was seen by Reuters, said the Oxford offer was “not a superior proposal” and that it reserved its rights to terminate its bid and claim a break fee if the meeting were to be adjourned and Oxford’s offer deemed better.

(Reporting by Tom Westbrook; Editing by Muralikumar Anantharaman)

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September 05, 2018 at 10:10AM
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