INDIABULLS Properties Investment Trust (IPIT) has received a takeover offer of 90 Singapore cents per unit from Indiabulls Real Estate.
The voluntary unconditional cash offer by Brenformexa, wholly owned by Indiabulls Real Estate, for IPIT units represents a premium of 252.9 per cent or more than three times the unit’s last transacted price in June last year prior to its trading suspension.
In an announcement to the Singapore Exchange (SGX) by Deloitte & Touche on behalf of Brenformexa, it said that the offer is done with the intention to delist and privatise IPIT which was listed on the SGX in June 2008.
“The offer represents a clean cash exit opportunity for unitholders to realise their entire investment at a premium over its historical traded prices,” it said.
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The offeror and parties acting in concert including the Farallon Group hold some 97.62 per cent of IPIT.
The company cited the group’s takeover offer for all IPIT units in 2016 which resulted in the public holding 2.38 per cent of the units in IPIT – below the required minimum public float of 10 per cent as per the listing rules – as the rationale for the takeover. Accordingly, trading in the units has been suspended since June 23, 2016.
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